Ethereum Records Lowest Gas Prices Since 2016

its lowest fees since 2016. According to data provided by Etherscan, the average gas fee is currently sitting at just 3 Gwei , according to data provided by Dune Analytics.Gas fees refer to the cost of various operations on the Ethereum blockchain. By paying gas fees, users help to ensure the security of the network. Apart from incentivizing validators, gas fees are also meant to prevent various spam attacks.

Bitcoin Can Hit $75,000, Here's How, Another XRP Reversal Attempt, Dogecoin to Test out $0.13 Again, But There's Catch During the 2021 bull run, Ethereum's gas fees were exorbitantly high due to high demand in the non-fungible sector . This prompted some pundits to argue that the network was unsustainable and gave rise to more affordable alternatives such as Solana.

This time around, Ethereum gas fees are hitting extremely low levels despite the fact that the network is also experiencing strong transaction activity. In fact, the volume of the leading altcoin is on the same level as it was during the beginning of the year."We will still see gas spikes above 15 gwei in times of higher activity. It’s just that overall the gas market has been more efficient post 4844.

The total supply of Ethereum currently stands at 120,185,061 ETH, which means that it is on track to reach a new 2024 peak.Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets.

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