Ethereum's Gas Fee Drops to 3-Months Lows

by in Cryptocurrency News

Ethereum law gas fees

According to the data provided by cryptocurrency performance analytics Santiment, the average transaction gas fees of the protocol dropped under $10 first time in three months.

Related: Cryptocurrency market capitalization exceeded $2 trillion

It even went down to $8.14, while during the last months the cost was above $20.

In addition, active Ethereum addresses reached an unprecedented number of 771.000. The previous record of 739.000 was in November 2020.

Ethereum ecosystem is in the process of optimization meant to solve scalability hurdles and reduce gas fees. Earlier this month the Berlin Upgrade was completed. London upgrade is planned to take place in July 2021.

At the same time, Ether's price crossed $2560. Currently, the token trades at around $2550 with a market cap over $296.1 B. Another noticeable fact is that Ether's dominance surpassed 3% on Sunday. Bitcoin's dominance, on the other hand, has seen a major decline going down below 50%.