Ethereum Gas Fees Touch New Lows, What’s Ahead For Ethereum
28 Mayo 2022 - 7:00AM
NEWSBTC
Ethereum is one of the most widely-adopted cryptocurrency projects
worldwide. Yet, it’s hated worldwide for its sky-high gas
(transaction) fees. Users globally constantly complain about the
coin’s terribly-high transaction prices on various social media
platforms. Shockingly, Santiment, an on-chain and metrics platform,
published on Twitter a report showing Ethereum’s transaction prices
plummeting to their lowest. The Ethereum Platform Ethereum is a
distributed, permissionless, and open-source blockchain that
provides users access to a smart contract. It is the second-largest
blockchain by market capitalization, following crypto giant
Bitcoin. Related Reading | Bitcoin Dominance Remains High As
Market Sell-Offs Settle Remarkably, Ethereum offers a p2p
(peer-to-peer) network that verifies and executes codes within the
platform, known as Smart Contracts. Ethereum GAS Price On the
Ethereum network, users are charged some amounts to perform any
transaction, buying, selling, swapping, minting, etc. Ethereum
previously had a ridiculous record for having very high gas fees
for its transactions. Recently, the crypto giant began offering
meager transactional charges to its users, as recorded by
Santiment. Santiment is a financial market content and data
platform for blockchains and cryptocurrencies. The metric platform
took to Twitter the news of Ethereum’s meager transaction prices.
As of Tuesday, 24th May, the second-largest blockchain had a
transaction price of $2.54 a transaction. What’s Next For Ethereum
According to Santiment, this is the lowest the transaction fees
have been since last July. Therefore, it may be unique for ETH
prices. Historically, ETH coin prices usually leap once the average
transactions drop below $5. Ethereum’s average gas fees have
plummeted, breaking its 10-months low. Nevertheless, traders still
need to be careful while trading and transacting with the crypto
because the market is presently disadvantaged. Thus, a considerable
leap might not occur given the current global bearish market.
Various crypto pundits and financial analysts project that Bitcoin
is about to dip massively, predicting a further dip. Mike Novogratz
was among the “prophets of doom” for the world’s leading blockchain
and crypto. Novogratz, a financial investor, took to Twitter,
stating that further dips await Ethereum and Bitcoin and the entire
DeFi market. In his tweet, he emphasized that 2022 will not be
so favorable for investors and traders. Related Reading | Perp
Traders Remain Quiet As Bitcoin Struggles To Hold $30,000 Noting
that Bitcoin controls the value of the entire DeFi marketplace, if
Bitcoin dips, being the most significant blockchain, the whole
market dips. This includes the Ethereum blockchain. Featured image
from Pexels, chart from TradingView.com
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