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Ethereum

Lowest Ethereum Transfer Cost In 19 Months

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On Saturday, Ethereum transaction fees tapped a low not seen since November 2020 as the average network fee dropped to 0.0016 ether or $1.67 per transfer.Β Average fees on Saturday have been as low as 32 gwei or $0.69 per transfer as Ethereum gas fees have been steadily dropping since May 11, 2022.

ethereum gas

Ethereum fees drop to the lowest range

Ethereum’sΒ average gas feesΒ tapped a lowest on July 2, 2022, not seen in 19 months. Essentially, the gas or network fee is a quantity of ETH that is required to push a transaction on the blockchain network.

Like the Bitcoin (BTC) network,Β ETHΒ gas fees compensate the network’s mining participants in order to reward them for verifying transfers. In the early days,Β ETHΒ transfers were negligible and fromΒ August 2015 to July 2016, the average gas fee was less than a U.S. penny perΒ ETHΒ transfer.

BetweenΒ July 2016Β to May 2017,Β EthereumΒ network fees were between $0.01 to $0.10 a transfer.Β Nowadays Ethereum fees are a bit more pricey and on May 12, 2021, average fees reached $69 per transaction.

Between August 2021 to February 2022, fees did not drop lower than $20 per transfer. At times throughout that period, fees hit $30, $40, and $50 increments for every transaction made depending on the day. On May 1, 2022, the average network fee jumped toΒ $196 per transfer, thanks to a popular non-fungible token (NFT) sale that day.

The aforementioned fees only apply to sending ether as well, and an Opensea contract, decentralized exchange (dex) swap, or an ERC20 transfer can cost even more.

On July 2, 2022, average fees tapped a low of 0.0016 ether or $1.67 per transfer. The last time fees on the Ethereum network were this low was inΒ mid-November 2020. On November 12, 2020, the averageΒ ETHΒ fee was 0.0034 ether per transfer or $1.55.

2xxx432
Average ethereum fees via bitinfocharts.com on July 2, 2022.

Moreover, on Saturday, the web portalΒ etherscan.io’s gas tracker shows the highest Ethereum network fee slipped as low as 32 gwei or $0.69 per high priority transfer. Etherscan.io’s data indicates an Opensea sale will cost $5.05 for the transaction, a Uniswap trade is $6.10, and to forward an ERC20 like tether (USDT) it’s $1.79 per transaction.

Ethereum
The highest Ethereum network fee slipped as low as 32 gwei or $0.69 on July 2

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.

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