ETH Transaction Fees at 2-Year Low After 24-Hour Price Drop

Ethereum (ETH) blockchain network fees are at a 2-year low after Ethereum's price fell from an all-time high, according to data released by blockchain analytics firm Santiment.

ETH transaction fees Currently, ETH fees have fallen to an average of $0.88 per transaction. The last time ETH fees were below the $0.90 threshold was in July 2020. The decline in ETH's fees can mainly be attributed to ETH's price dropping 70% from its all-time high, which has had a negative impact on the utility of the ETH blockchain. As ETH's transaction fees have fallen, so has its price as it has experienced a 2.86% drop in the last 24 hours - at the time of writing, its price has fallen to approximately $1,185.87. Despite the 24-hour drop, ETH's price is still strong on a weekly basis, up 11.73% in the last 7 days. As a result, ETH's total market capitalization stands at $144.03 billion. The drop in transaction fees could be a good sign for the second largest crypto by market capitalization and the largest altcoin by market capitalization, as it will attract more activity as the crypto market emerges from its current bearish state. While the merger has been delayed countless times, it would be a significant event in ETH's history and could even attract the investor interest needed to flip BTC as the largest crypto by market capitalization. The views and opinions expressed in this article are solely those of the author and do not necessarily reflect those of CQ. No information contained in this article should be construed as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.