Cryptocurrency market saw a significant rebound starting from mid-October. The on-chain transaction costs of Bitcoin and Ethereum also sharply increased during these three weeks, reaching peak average transaction fees of $15 and $10.529 per transaction last week, respectively.
From October 22, 2023, to November 12, the average on-chain transaction cost of Ethereum surged from $2.08 to $6.64 per transaction, a 219% increase.
The variation in Ethereum transfer costs is very similar to that of Bitcoin. The average fees and median fees of Ethereum transactions are comparable to Bitcoin. However, significant differences emerge when conducting other types of operations on the Ethereum chain, such as using smart contracts.
Exchanging Ethereum-based assets on decentralized exchanges (DEX) may incur transaction fees ranging from $27.77 to $28.50 per transaction. Similarly, fees for NFT transactions fluctuate between $46.93 and $48.16. The transaction fees for cross-chain transfers of encrypted assets were estimated to be between $8.93 and $9.17 on November 12 (last Sunday).
Data from Blockchair shows that Ethereum processed approximately 1,071,448 transactions per day from October 22 to November 11, 2023. According to data from Flippening Watch, Bitcoin still leads Ethereum in terms of market capitalization, daily trading volume, and fees collected by validators (24 hours).
Source:
Bitcoin.com