The Rising Cost of Transferring Ether: A Closer Look

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.


How To

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Understanding how gold works is essential before you buy it. The precious metal gold is similar to platinum. It's very rare, and it is often used as money for its durability and resistance. It is difficult to use so people prefer to buy jewelry made from it to gold bars.

Two types of gold coins are available today: the legal tender type and the bullion type. The legal tender coins are issued for circulation in a country. They usually have denominations such as $1, $5, $10, and so on.

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Another way to buy gold is by investing in physical gold. Although physical gold is easier to store than paper certificates you will still need to ensure it is safe. To ensure that your physical gold remains safe, you need to secure it in an impenetrable container such as a vault or safety deposit box.

When buying gold on your own, you can visit a bank or a pawnshop. A bank can provide you with a loan to cover the amount you wish to invest in gold. The pawnshop is a small business that allows customers to borrow money to buy items. Banks tend to charge higher interest rates, while pawnshops are typically lower.

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By: Jamie Redman
Title: The Rising Cost of Transferring Ether: A Closer Look
Sourced From:
Published Date: Sun, 12 Nov 2023 21:00:34 +0000

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