Thinking of doing some crypto transactions?
Well now might be the perfect time. The fees associated with Bitcoin and Ethereum transfers and transactions have just hit a six month low.
According to reports, these low fees are due to the downturn we have recently seen in the crypto market.
High gas prices were a reason that some investors were against holding ETH long term, but lower transactional costs may draw new investors in.
Take a look:
Coin Telegraph reported these stats:
According to BitInfoCharts, the average price of performing a transaction using Bitcoin has fallen from an early-April all-time high of $62.77 to around $7.20 — an 88% drop over just six weeks.
The meteoric 2021 crypto bull run has seen the average transaction fees associated with using Bitcoin or the Ethereum mainnet frequently skyrocket to unprecedented levels in recent months.
In February 2021, Bitcoin’s fees nearly tripled in two weeks following a Feb. 8 announcement that Tesla added $1.5 billion worth of Bitcoin to its balance sheet.
In 2017 high transction cost of BTC killed the cycle.
In 2021 high transaction cost of ETH slowed down the grow of ETH. Therefore BNB went up a lot. However BSC is 'too easy' and created a lot of 'scams'.
We just need to calm down a bit now for new money to flow into crypto.
— AAACoins (@AAACoinsAAA) May 19, 2021
BTC and ETH Transaction Fees Decrease
🔶While the #Bitcoin transaction fees have decreased approximately 81% since the mid-April, #Ethereum average transaction cost has fallen 71% between Wednesday and Sunday.#BTC #ETH #BTCUSDT #BTCUSD pic.twitter.com/eM5cuartGk
— Icrypex Global (@IcrypexGlobal) May 18, 2021
Decrypt had more:
At lows of $7.371, Ethereum’s average fees are currently lower than Bitcoin’s average fee of $11.672. But both are still high when compared with other cryptocurrencies. Litecoin, a Bitcoin fork primed for payments, charged average fees of $0.02 yesterday. And Dogecoin, a meme coin that shot up in value this year, on average charged fees of just $0.8 per transaction.
Transaction fees are one of the biggest pain points on Ethereum. They make some services prohibitively expensive to use for all but the richest of traders.
Swapping coins on decentralized exchange Uniswap often requires several transactions, since Uniswap’s algorithm often swaps coins several times to fulfill trades. On May 11, swapping a few cents worth of coins cost more than $300.
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