Ethereum is one of the most widely adopted cryptocurrency projects in the world. However, it is hated around the world for its sky-high gas (transaction) fees. Users from all over the world are constantly complaining about the terrifyingly high transaction prices of the coin on various social media platforms.
Surprisingly, Santiment, an on-chain and metrics platform, posted a report on Twitter showing Ethereum transaction prices plummeting to their all-time low.
The Ethereum Platform
Ethereum is an open source, permissionless, distributed blockchain that gives users access to a smart contract. It is the second largest blockchain by market cap, after crypto giant Bitcoin.
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Surprisingly, Ethereum offers a p2p (peer-to-peer) network that verifies and executes code within the platform, known as Smart Contracts.
Ethereum GAS Price
In the Ethereum network, users are charged a certain amount to carry out any transaction, purchase, sale, exchange, minting, etc. ethereum previously he had a ridiculous track record for having very high gas fees for his transactions.
Recently, the cryptocurrency giant began offering meager transaction fees to its users, as recorded by Santiment. Santiment is a financial market data and content platform for blockchains and cryptocurrencies.
The metric platform took to Twitter the news of Ethereum’s meager transaction prices. Starting Tuesday 24the In May, the second largest blockchain had a transaction price of $2.54 per transaction.
What’s next for Ethereum?
According to Santimento, this is the lowest transaction fee since last July. Therefore, it may be unique to ETH prices. Historically, ETH coin prices typically rise once average transactions fall below $5. Ethereum average gas fees have plummeted, breaking their 10-month low.
However, traders still need to be careful when trading and transacting with crypto because the market is currently at a disadvantage. Therefore, a sizeable jump may not be forthcoming given the current global bear market.
Several crypto experts and financial analysts project that Bitcoin is about to drop massively, predicting a bigger drop. Mike Novogratz was one of the “prophets of doom” for the world’s leading blockchain and cryptocurrencies.
Novogratz, a financial investor, took to Twitter and claimed that Ethereum and Bitcoin and the entire DeFi market expect further declines. In his tweet he emphasized that 2022 will not be as favorable for investors and traders.
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Considering that Bitcoin controls the value of the entire DeFi market, if Bitcoin, being the most important blockchain, falls, the entire market falls. This includes the Ethereum blockchain.
Featured image from Pexels, chart from TradingView.com