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Ethereum is one of the most widely-adopted cryptocurrency projects worldwide. Yet, it’s hated worldwide for its sky-high gas (transaction) fees. Users globally constantly complain about the coin’s terribly-high transaction prices on various social media platforms.
Shockingly, Santiment, an on-chain and metrics platform, published on Twitter a report showing Ethereum’s transaction prices plummeting to their lowest.
The Ethereum Platform
Ethereum is a distributed, permissionless, and open-source blockchain that provides users access to a smart contract. It is the second-largest blockchain by market capitalization, following crypto giant Bitcoin.
Related Reading | Bitcoin Dominance Remains High As Market Sell-Offs Settle
Remarkably, Ethereum offers a p2p (peer-to-peer) network that verifies and executes codes within the platform, known as Smart Contracts.
Ethereum GAS Price
On the Ethereum network, users are charged some amounts to perform any transaction, buying, selling, swapping, minting, etc. Ethereum previously had a ridiculous record for having very high gas fees for its transactions.
Recently, the crypto giant began offering meager transactional charges to its users, as recorded by Santiment. Santiment is a financial market content and data platform for blockchains and cryptocurrencies.
The metric platform took to Twitter the news of Ethereum’s meager transaction prices. As of Tuesday, 24th May, the second-largest blockchain had a transaction price of $2.54 a transaction.
What’s Next For Ethereum
According to Santiment, this is the lowest the transaction fees have been since last July. Therefore, it may be unique for ETH prices. Historically, ETH coin prices usually leap once the average transactions drop below $5. Ethereum’s average gas fees have plummeted, breaking its 10-months low.
Nevertheless, traders still need to be careful while trading and transacting with the crypto because the market is presently disadvantaged. Thus, a considerable leap might not occur given the current global bearish market.
Various crypto pundits and financial analysts project that Bitcoin is about to dip massively, predicting a further dip. Mike Novogratz was among the “prophets of doom” for the world’s leading blockchain and crypto.
Novogratz, a financial investor, took to Twitter, stating that further dips await Ethereum and Bitcoin and the entire DeFi market. In his tweet, he emphasized that 2022 will not be so favorable for investors and traders.
Related Reading | Perp Traders Remain Quiet As Bitcoin Struggles To Hold $30,000
Noting that Bitcoin controls the value of the entire DeFi marketplace, if Bitcoin dips, being the most significant blockchain, the whole market dips. This includes the Ethereum blockchain.
Featured image from Pexels, chart from TradingView.com
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