Over the past three weeks, the transaction costs for bitcoin (BTC) have experienced a sharp increase, reaching a peak of $15 per transfer just three days ago. In a similar fashion, the cost to transfer ethereum (ETH) has also seen a significant jump. From October 22 to November 12, 2023, the average fee for ethereum transactions has soared by 219%, rising from $2.08 to $6.64 per transaction.
Parallels Between Ethereum and Bitcoin
The spike in ethereum (ETH) fees mirrors the upward trend observed in bitcoin's transaction fees. The expense associated with the gas required for transferring both digital currencies has escalated during this period. Currently, the average fee for an ether transaction stands at $6.64, with the median fee at 0.0013 ETH, equivalent to $2.70 per transaction.
Interestingly, the cost to transfer ether closely aligns with bitcoin's transfer fees. Both the average and median charges for ETH transactions are similar to those for bitcoin. However, a notable difference arises when engaging in other types of operations on the Ethereum blockchain, such as interacting with a smart contract.
Variance in Other Ethereum Operations
Exchanging an ETH-based asset on a decentralized exchange (dex) platform can incur a fee ranging from $27.77 to $28.50 per transaction. Similarly, the expense for conducting a non-fungible token (NFT) transaction fluctuates between $46.93 and $48.16.
Furthermore, on Sunday, November 12, the cost of transferring assets across different chains via bridging was estimated to be $8.93 to $9.17. From October 22, 2023, to November 11, 2023, Ethereum has processed an average of approximately 1,071,448 transactions daily.
Comparing ETH and BTC
When looking at the 'Flippening Watch' for ETH and BTC, BTC still maintains the lead in terms of market capitalization, daily trading volume, and the 24-hour fees collected by validators compared to what BTC miners earn. Regardless of the perspective, transactions on these two blockchains, which are market leaders in terms of market cap, are significantly more costly than their other layer one (L1) counterparts.
What are your thoughts on the rising cost of moving ether? Share your opinions and insights on this subject in the comments section below.
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By: Jamie Redman
Title: The Rising Cost of Transferring Ether: A Closer Look
Sourced From: news.bitcoin.com/ethereum-transaction-fees-climb-219-in-3-weeks-as-onchain-crypto-transfers-become-pricier/
Published Date: Sun, 12 Nov 2023 21:00:34 +0000