Ethereum network fees have fallen by over 80% since the start of January

by in Cryptocurrency News

ETH

Since the start of January 2022, fees on the Ethereum network have fallen by more than 80%. The average transaction processing fee is now $10.2, up from $52 at the beginning of the year.

The decrease in commissions has been observed over the past seven days. On February 27, average network fees fell to the lowest level since the end of August last year.

Demand to send funds has been falling since February 20, observers say. That is why we fix such a sharp decrease in commissions. The average daily number of transactions for the week fell from 1.343 million to 1.125 million.

Trending: El Salvador Bought the Dip Adding 500 Bitcoins

A similar situation is observed in the Bitcoin network. Users of the BTC blockchain make 211,028 transactions daily, while in the middle of this month, on average, the number of transactions exceeded 260,000. Bitcoin commissions fell to $1.19 today.

The largest digital currencies BTC and ETH during the Asian session fell to $38,393 and $2,640, respectively.