Ethereum Blockchain Becomes Absolutely Unusable Yet Again as Average Fees Hits ATH at $20
High volatility in the crypto space in the past 2 days has made the blockchains unusable.
This is especially the case with Ethereum, on which fees have gone through the roof. The average transaction fee is currently at $20; a fee that has never been seen in Ether’s lifetime, as per Blockchair.
Hourly transaction fees reached a record high of $898,000 USD.
$15.2 is what comes close to it which was hit in Sept. when DeFi mania was at its peak.
Average gas prices have also gone above 330 Gwie on the network, again last seen in Sept. However, for fast transactions, nearly 500 Gwie is the rate as per ETH Gas Station.
This has, of course, made popular DEX Uniswap unusable as well, which is the biggest contributor to Eth spent on gas. In the last 30 days, 31.7k ETH worth $12.7 million has been spent on gas on Uniswap.
One does have the option to cut down on these gas prices through DEX aggregator 1inch, which swaps tokens with a transaction fee that is claimed to be up to 42% cheaper.
This has been the result of extreme volatility in the market — the price of Ether first jumped to a Jan. 2018 high of $1,170 on Sunday as traders and investors rotated their profits from BTC into ETH. Then today, the digital asset had a correction to around $885 and is currently back at $980.
The same has been the case for Bitcoin BTC -10.55% Bitcoin / USD BTCUSD $ 31,107.40
-$3,281.83-10.55% Volume 89.86 b Change -$3,281.83 Open $31,107.40 Circulating 18.61 m Market Cap 578.81 b 8 h Barclays Bank Executive Bashes ‘Uninvestable’ Bitcoin for Its Volatility 9 h Craig Wright Threatens Bitcoin Websites With Lawsuit Over Copyright Infringement of Whitepaper 10 h Bitcoin Bears Back in Control; Is $20,000 BTC Really a Possibility? which for the past couple of weeks has been on a face-melting rally.
Currently, the average fees on the Bitcoin network is $8, but lower than the $12 seen last month, $13 in October, and over $62 in Dec. 2017.