Ethereum gas fees are falling while prices are rising

Ethereum‘s gas fees fell, as did its trading volume for the week, while Ethereum’s price rose along with its hash rate. So let’s take a closer look at the ETH news to see why this is possible.

Ethereum’s gas fees plummeted and have been falling for 5 days as the price approaches a new all-time high of $ 4,465.

At the time of writing, ETH is trading for $ 4,626 with an average transaction fee of $ 4,465. $ 37.19, down 33.5% since Tuesday when the average gas charge was set at $ 56.

The hash rate of the network continues to rise to new highs, and the hash rate is the determining factor in the computing power of the network. Ethereum’s hash rate hit 812,769 / GH / s and the number soared to a new high of 821,207 GH / s, according to Etherscan. So there are so many new metrics to look at, what exactly does that mean? An increase in hash rate but lower transaction fees could indicate a decrease in demand, and while price and processing power may have increased, another metric has decreased in the last four days and that is transaction volume.

Over $ 21 billion worth of transactions have been made on Ethereum, and that number has fallen. ETH had a similar trading volume of around $ 14 billion, but at that time, Ethereum also lost $ 10 billion from its current market cap of $ 534 billion. However, ETH will point to the network’s burgeoning FNT scene, an economy that has attracted other big names like Visa, Marvel, etc. in addition to NFT established brands like Sorare and NBA.

The Chicago Mercantile Exchange has also announced that it will begin trading Ethereum micro-futures derivatives, which will allow traders to make smaller trades than the current ETH futures contracts allow. Etheruem lays the foundation for a massive network upgrade and ETH 2.0 promises higher speeds, lower gas fees and a more environmentally friendly carbon footprint. At the end of the month, Ethereum upgraded its beacon chain to the system with the introduction of staking, which paved the way for a merger that is still an unconfirmed date. The demand for Ethereum may have decreased a bit and a higher hash rate has reduced borrowing on the network, but fees keep going up and down so there is a lot for Etheruem to consider.

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