Ethereum Gas Fees Skyrocket: 244% Increase In Just 3 Weeks

Key Points:

• Ethereum gas fees have increased by 244% between October 22 and November 12, 2023.
• The average fee for an ether transaction is $7.17, with a median fee of 0.0014 ETH or $2.93 per transaction.
• Exchanging ETH-based assets on a decentralized exchange can incur fees ranging from $27.77 to $28.50 per transaction.

Ethereum gas fees surged by 244% in the past three weeks, reaching $7.17 per transaction. Fees for dex and NFT transactions are higher, while bridging assets across chains cost around $9.

The transaction costs for Ethereum (ETH) have experienced significant increases over the past three weeks, rising by 244% from $2.08 to $7.17 per transaction between October 22 and November 12, 2023.

The surge in Ethereum fees mirrors the trend seen in bitcoin, as the cost for gas required in Ethereum transfers has also escalated. Currently, the average fee for an ether transaction stands at $7.17, with the median fee at 0.0014 ETH, or $2.93 per transaction.

Ethereum Gas Fees Skyrocket

Interestingly, Ethereum’s transfer fees align closely with Bitcoin’s fees. However, when it comes to other operations on the Ethereum blockchain, such as engaging with a smart contract, there is a distinct difference.

Exchanging an ETH-based asset on a decentralized exchange (dex) platform can incur fees ranging from $27.77 to $28.50 per transaction. Similarly, conducting a non-fungible token (NFT) transaction can cost between $46.93 and $48.16.

Bridging assets across different chains on November 12 had an estimated cost of $8.93 to $9.17. From October 22 to November 12, Ethereum processed an average of approximately 1,061,288 transactions daily.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.