Ethereum Gas Fees Spike As ETH Price Rises: Average Onchain Fee Jumps Over 50%
Sending Ethereum (ETH) is getting more expensive as the value of the crypto asset has skyrocketed if we look at the data for the last 24 days and of course during the same 24-hour period on January 28 it reached $1606 per unit. Ether appears to be trading at $1542 per unit at the time of writing, just after hitting higher levels. As the value of the Ethereum cryptocurrency in US dollars has increased so has the cost of transferring it and the proportion of that cost in ERC20 tokens. Data from Bitinfocharts.com tells us that the average gas fee on January 1st was $2.93 per transfer. After 18 days the average fee to send it shows a 54% increase at $4.52 per transaction and we can see that the average size Ethereum fee from the charts highlights the same as seen from the chart 18 days ago The average cost to send Ethereum was approximately $1.06 per transfer. The same chart on Wednesday shows us that this cost has risen to 0.0013 Ethereum per transfer, or roughly $1.96 using current exchange rates. This means that medium-sized Ethereum fees have registered an 84% increase since January 1st, and besides that gas measurements are generally estimated at a very low rate, etherscan.io’s “Gas Tracker” also shows the beginning of the year. shows an increase since then and the webportal’s fee tracker on the same day shows that the higher priority Ether gas fee was around $0.30 per transfer or 20 gwei. After 18 days the high priority fee is still 20 gwei or $1.14 per ETH transaction, an increase of almost 280%. Transactions with Opensea cost us an estimated $1.12 per transaction on January 1st and are up to $3.99 today. A swap on the decentralized exchange platform was $2.87 and now appears to be trading at $10.28 on dexes like Uniswap. Sending ERC20 tokens like USDT and USDC will see a transaction cost of around $0.84 and today it is around $3.02 to send ERC20. Apart from this, the cost of layer2 has also increased and 3 days ago on January 15, it informs about the increase of Arbitrum and Optimism transactions. According to Dune Analytics data, transfers on the Dena network were around $0.101 per transfer then, and today the fee is $0.188 per transfer. Similarly we can see that the last 3 days ago Optimism saw network transactions cost $0.1410 per transfer and on January 18 the cost of moving coins on the L2 chain Optimism was $0.3039 per transaction. In recent days we can see that the increase of me ether gas fee has definitely broken the long months record of low fee on Ethereum network.
