Ethereum is one of the most popular cryptocurrency projects around the world. However, it is loathed all over the world due to the exorbitant gas (transaction) fees. Users globally are constantly complaining about terribly high transaction prices on various social media platforms.
Shockingly, Santiment, an on-chain and metrics platform, posted on Twitter a report showing that Ethereum transaction prices are dropping to record lows.
Ethereum is a distributed, unauthorized, open source blockchain that provides users with access to a smart contract. It is the second largest blockchain by market capitalization, after the cryptocurrency giant Bitcoin.
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Notably, Ethereum offers a p2p (peer-to-peer) network that verifies and executes tokens within the platform, known as smart contracts.
Ethereum GAS price
On the Ethereum network, some amount is charged to users for making any transaction, buying, selling, swapping, minting, etc. Previously It had a ridiculous record of extremely exorbitant gas fees for its transactions.
Recently, the crypto giant started offering its users minimal transaction fees, Santiment reported. Santiment is a financial market content and data platform for blockchain and cryptocurrency.
The metric platform has taken to Twitter the news of the minuscule Ethereum transaction price. As of Tuesday, 24y In May, the second largest blockchain had a transaction price of $2.54.
What’s next for Ethereum
according to EmotionThis is the lowest level of transaction fees since last July. Therefore, it may be unique to the price of ETH. Historically, ETH coin prices have typically jumped once average transactions drop below $5. The average gas fee in Ethereum has fallen, breaking a 10-month low.
However, traders still need to be careful while trading and dealing with cryptocurrencies because the market is currently deprived. Thus, it may not make a huge jump considering the current global bear market.
Many cryptocurrency analysts and financial analysts are predicting that Bitcoin is on the cusp of a significant decline, anticipating further declines. Mike Novogratz was among the world’s leading cryptocurrency and blockchain ‘prophets’.
Novogratz, a financial investor, took to Twitter, noting that further declines await Ethereum, Bitcoin, and the entire DeFi market. He stressed in his tweet that 2022 will not be favorable for investors and traders.
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Noting that Bitcoin controls the value of the entire DeFi market, if Bitcoin goes down, being the most important blockchain, the entire market goes down. This includes the Ethereum blockchain.
Featured image from Pexels, chart from TradingView.com