While Ethereum Prices Skyrocket, Ether Gas Fees Surge Fueling Costly Transfers – Bitcoin News – Bitcoin News

While Ethereum Prices Skyrocket, Ether Gas Fees Surge Fueling Costly Transfers – Bitcoin News – Bitcoin News


On October 29, 2021, the second-largest crypto asset in terms of market valuation, ethereum, reached an all-time price high at $4,467 per unit. Meanwhile, after the Ethereum network’s Altair upgrade went live, ether gas fees have skyrocketed significantly.

As Ethereum Tests New Price Highs, the Average Ether Transfer Fees Onchain Skyrocket

The two leading crypto assets by market valuation have had issues with high transfer fees for many years now but this month, Ethereum’s network fees are significantly higher than bitcoin’s. On Saturday, October 30, bitcoin’s (BTC) average network fee according to bitinfocharts.com data shows BTC fees are around 0.00000015 BTC per byte or $3.15 per transaction.

While Ethereum Prices Skyrocket, Ether Gas Fees Surge Fueling Costly Transfers
Data from bitinfocharts.com.

The same web portal tracking ethereum (ETH) gas fees notes that to move some ether, it’ll cost around 0.012 ETH or $50.53 per transaction. The data shows that on Saturday morning, ETH fees are 1,504% higher than BTC network fees. Data stemming from the website l2fees.info are a bit more modest in comparison to bitinfocharts.com’s metrics. At the time of writing, to move ethereum it’ll cost $18.45 per transaction.

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