Is Ethereum Staging a Short-Term Rally - Price Analysis.
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2022-05-31 | Selina Mathew
Although Ethereum continues to have one of the greatest transaction volumes in the crypto industry, its transaction costs have lately decreased. The costs have drastically decreased, which has been a pleasant development for network customers. However, this drop has raised worries about the potential impact on the digital asset's price.
Transaction costs for Ethereum have been steadily decreasing in recent months. As a result of user movement from the network to other smart contract networks, this has happened. Despite this, it remains the industry's premier smart contract platform.
The drop in transaction fees, in particular, has been worrying, since it is currently at its lowest level in ten months. The last time Ethereum's transaction volumes were this low was in July of 2021.
In recent months, the network has seen extraordinarily high transaction fees, which have been prompted by increasing activity on the network as a result of the emergence of decentralized financing (DeFi) and non-fungible assets (NFTs).
At the time of writing, the average charge was $5.05, although it had dropped to $3 by Sunday. Transaction fees have been at their lowest level in over a year.
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