Ethereum Transaction Fees Dropped to 0.0016 Ether on July 2, 2022

• Ethereum transfer costs are steadily dropping from May 11, 2022. 
• On July 2nd,2022 – the average fee slipped lower to $1.67 per transfer. 
• Notably, Ethereum network fee points out the same in November 2022. 

As the entire crypto market was bearish in recent months, there were massive price falls in all activities related to the crypto industry. Many transactions were decreased which reflects a downfall in all transfer costs and gas fees in all digital assets. One among them is Ethereum (ETH) transfer costs, which slips down to 0.0016 ether on Saturday (July 2nd, 2022). 

Further the Ethereum community is witnessing such a downfall in network fee after solid 19 months. In mid of November 2020, the average ETH fee was 0.0034 ether per transfer or $1.55. However, the Ethereum gas fees are consistently decreasing from 11th, May 2022 dipping as low as 32 gwei or $0.69 for one transaction. 

Ethereum Transaction fees Tap a 19 – Month Low

Ethereum is the second largest cryptocurrency in the world. Its transaction rates or speed are comparatively higher than other digital assets. Moreover, Ethereum gas fees reward the ETH mining users for performing verifying transfers. 

As there were fluctuations in the transfer rates, the highest average network fee was recorded on May 1st 2022. The fee spiked to $196 per transaction as it is a popular non-fungible token (NFT) sale day. In addition, ETH transactions spiked 4.5X surpassing visa payments in 2021 beating the digital payment leader by its market capitalization. 

But as the network fee continues to dip from mid of May, the  etherscan.io’s gas tracker reflects the downfall of the fee. The data indicates the fee slipped as low as 32 gwei or $0.69 per high priority transfer. 

At present, the Ethereum average network fee is very less in comparison with other transaction rates. More so, the data reveals that Ethereum network fees are massively lower than they have been in 19 months. 

Significantly, the Ethereum Average Transaction Fee is 27.81% down in the last 24 hours.