ETH gas fees have risen 2300% since last June: report

ETH Gas’ fees have increased 2300% since last June and now the demand for the cryptocurrency has increased due to the Altair upgrade.

The Altair upgrade from Ethereum went live on Wednesday, making it easier for the network to transition to ETH 2.0, which was fueling demand right now. The average transaction fee for Ethereum has risen to $ 51.45, according to data from crypto measurement website BitInfoCharts, with the numbers showing a 2.293% increase since last June. A week ago, the average transaction fee at ETH was $ 22.52, and this month has been quite unpredictable in the past with ETH gas fees. The average fee is $ 45.74, which is almost double the previous year’s figure.

Transaction prices at ETH changed after the hard fork in London in August, but despite the difference, gas charges on the network are still trading upwards. It’s worth noting that BitInfoCharts gives a number based on the previous day’s average transaction fees, and Etherscan has real-time transaction fees averaging $ 44.33. Transaction fees increase with the increasing demand for Ethereum. A week ago we saw ETH and BTC prices recover together and hit new highs during the week. Since then, Bitcoin price has fallen from $ 66,930 to $ 61,683, an 8% decline, while Ethereum continued to climb to a new all-time high of $ 4,456.

The two leaders often move at the same time, and the combined market cap of the global crypto market is set at $ 2.63 trillion. BTC accounted for $ 1.1 trillion of that, and ETH came in second with $ half a trillion. The doubling of the average transaction fee at ETH from a week ago to today correlates with the trading volume from a week ago. Last Saturday, ETH was trading for $ 14.7 billion, up from $ 26 billion the day before the ETH gas tariff hike. Ethereum’s massive price rally and trading activity over the past week could ease due to the excitement surrounding the latest network upgrade. The Altair upgrade is a step towards ETH 2.0, a much cheaper and more secure network.

Altair is designed to facilitate the transition of Ethereum off the network using a PoW consensus mechanism where the miners with the highest computing power validate most transactions, while in Proof.shares they validate most transactions. The network still has a short way to go before it can deliver on the promise of cheaper gas fees, but today’s price trend is a strong indicator that many traders are on board.