At the end of October, the average commissions on Ethereum were $22.5. Then, along with the rise in the cost of Ether (ETH), fees skyrocketed due to increased network activity.
On November 1, the average commission skyrocketed to $52.97, the highest since early September.
At the same time, fees in the bitcoin network, on the contrary, are reduced. Currently, the average fee on the BTC blockchain is $2.52.
Last month, the value of Ether, the underlying asset of the ETH network, increased by almost 43%. In 2019 and 2020, altcoin also successfully completed October (+ 0.53% and + 7.22%, respectively).
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In November 2020, ether soared by almost 60%, and many analysts believe that the scenario may repeat itself in 2021 as demand for cryptocurrency increases.
The rally of altcoin has brought the number of profitable addresses to an all-time high.
The reduction in the exchange balance is intended to support the upward trend.
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The share of Ether on trading platforms decreased to 14.8% of the total cryptocurrency supply, which creates the preconditions for the formation of an altcoin deficit.