ETH Gas Fees Hit Monthly Low as Market Cools Down – Yahoo Finance

ETH Gas Fees Hit Monthly Low as Market Cools Down – Yahoo Finance

Ethereum gas fees have dropped to a new monthly low on Sunday. This comes off the back of a large price correction seen in May.

ETH gas fees dropped to ten gwei on Sunday. The latest drop in gas fees now sees ethereum transactions as being more viable once again.

The decline in gas fees comes after a tumultuous month in the markets. Ethereum saw a 60% decline in price during May. However the cryptocurrency has since recovered by 54% in June.

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ETH all-time high hurts gas fees

Ethereum had previously reached a new all-time high of $4,300 in May. The climb in price occurred during the non-fungible tokens (NFT) surge. While decentralized finance (DeFi) applications also saw upticks in volume. The demand pushed gas fees to 200 gwei for slow transactions, with rapid transactions clearing at nearly 500 gwei.

However the decline in price, coupled with bitcoins recent price correction has seen the market cool off dramatically.

On Sunday, ethereum transactions could be sent with as little as ten gwei, or $0.57 according to Etherscan. Transactions at one point dropped to five gwei.

The current cost of an ethereum transaction