As Bear Market Claws Drag ETH Prices Down, Ethereum Network Fees Remain Low – Altcoins Bitcoin News

by James · August 1, 2022

While ethereum prices jumped 61% higher in the past 30 days, the cryptoasset’s US dollar value remains down more than 60% lower than ethereum’s all-time high nine months ago. Amidst the market downturn, the network’s average fees have been lower than $5 per transaction, and on July 30, at 9:00 PM (ET), the average fee was approximately 0.001 Ether or $1.70 per transfer. Also, Gas Tracker on etherscan.io recorded even cheaper transfers this weekend, as transactions in the range of $0.18 to $0.66 have been confirmed by ethereum miners.

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Ethereum’s average and median network fees remain low

Ethereum is worth more than 60% less than it was on November 10, 2021, but network transfer fees have been much lower these days. Data shows that on July 30, Ethereum’s average transaction fee was approximately 0.001 ETH or $1.70 per transfer.

Median size fees on the network have been even cheaper at 0.00039 ETH or $0.663 per transaction. Ethereum’s average transaction fees in July did not exceed the $5 mark. Additionally, Ethereum’s median fees did not cross $2.50 per transfer in July.

Data transfers in late July on the Ethereum network indicate that transfer costs recorded by etherscan.io’s Gas Tracker were much lower than bitinfocharts.com estimates. Gas Tracker statistics say an Opensea sale on July 30 could cost a user $0.86, a Uniswap trade was estimated to cost $2.21, and an ERC20 transfer on Saturday was around $0.65.

Tier two fees stay below $0.50 per transfer or exchange

Low to high Ethereum network transfer fees recorded by etherscan.io were between five to six gwei per transfer on July 30. These values are much different from the transfer costs recorded nine months ago when ETH reached $4,878 per unit.

At the time, bitinfocharts.com calculations show that the average ETH transfer fee was around $29 per transfer. A snapshot recorded on archive.org shows etherscan.io’s Gas Tracker charting cheaper transaction prices.

While the fees on July 30 were between five to seven gwei, the lowest fee on November 9, 2021 was 171 gwei or $12.83 per transfer. The cost of an ERC20 transaction was $39.71 and a decentralized exchange (dex) was $122.18.

With Ethereum’s network fees so low, layer two (L2) fees recorded on July 30 were even lower. A Loopring transfer was $0.02 and to exchange tokens the cost was $0.39. ZKSync transactions were $0.05 and token swaps were about $0.13. Optimisme and Arbitrum have the highest L2 fees at $0.21 to $0.25 per transaction and $0.31 to $0.41 per exchange.

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What do you think about Ethereum fees continuing to be low in the last 30 days? Let us know what you think about this topic in the comments section below.

Jamie Redman

Jamie Redman is the news editor at Bitcoin.com News and a financial technology journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.