- Ethereum fees per transaction rose to its highest level in months.
- ETH Price and volume have gradually declined in the past few days.
The rise in Ethereum [ETH] prices caused a predictable increase in daily transaction fees. As these daily fees increased, they had a notable effect on the overall network fee as well.
Ethereum fee per transaction rises
In a recent Santiment post, it was highlighted that Ethereum transaction fees reached their highest point since July.
AMBCrypto’s analysis of the fee chart revealed a peak of $5.72 per transaction on 13th November. The surge in fees coincided with the upward movement in Ethereum’s price starting around 22nd October.
Source: Santiment
However, as of the latest update, the fee per transaction has decreased to approximately $3.61. Also, this decline suggests a reduction in the number of transactions, contributing to the fee decrease.
Despite this drop, it’s noteworthy that the fees remain within the range of the highest observed in the past three months.
Network fees see highest volume in months
The increase in Ethereum’s transaction fee had a favorable impact on network fees.
According to the analysis of the fee chart on Crypto Fees, the network fees began to climb around 25th October, escalating from approximately $1 million to over $5 million.
Despite some fluctuations, the overall
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Author: Adewale Olarinde
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