Ethereum transactions fees fell low during the last four months. The fees fell to a staggering 71.15%. This has been the case since September last year according to Bitinforcharts.com.Bitinforcharts allows users to compare different cryptocurrencies using various indicators with detailed statistics.
The transaction fee was estimated at close to$15.15 per transfer. This is a drop from the previous $52.46.The median-sized transfer is estimated to be even cheaper at $6.67 per transfer. The fees have been low since the start of the year and it seems it’s going to stay that way.
However, the gas fee on Ethereum is still 552% higher than that of the bitcoin network. Bitcoin was estimated to be at $2.30 per on-chain transfer. Ethereum also introduced the London Hard Fork upgrade in august of this year. This will help to implement rent control on gas fees. Since that time, close to 2 million Ethereum has been burned since the EIP implementation.
The low transactions fee on Ethereum will attract new users to buy the currencies on various crypto networks. Moreover, it has been one of the cheapest tokens so far this year. The low transaction fees were closely followed by other second-layer networks like polygon.
The push by Ethereum to lower transactions fees comes as a relief to many. The move will not only make payments simpler but also transactions over other networks. Transaction fees in November last year had reached an average of $62.8.
Ethereum is still trying to ease the burden to its users to reduce the mining power that makes transaction costs high. High mining power means higher transactions costs and higher fees when exchanging tokens. However, gas fees prices fluctuate due to different reasons such as supply and demand in the network.
Billions of Ethereum still continue to be burnt with on-chain and L2 transfers being cheap.