Commissions in bitcoin and Ethereum networks fell to January levels

June 1, 2021


Commissions in bitcoin and Ethereum networks fell to January levels

Average fees in bitcoin and Ethereum networks continue to decline and have already reached the January 2021 mark.

At the time of writing, the average transaction fee for the first cryptocurrency network is $7.57, though on April 21 the figure exceeded $60.

One of the reasons for such a dramatic drop in the average transaction fee could be the year's record decline in the complexity of mining. The decline in market participants' activity could also have had an impact, as indicated by the consolidation of bitcoin prices in a narrowing range.

Ethereum's corresponding figure is $4.72, although less than two weeks ago it reached $100.

To confirm the transaction within 3 minutes, the user should set the cost of gas around 18 Gwei.

To exchange tokens or add liquidity to the Uniswap pool, a network member would need less than $10.

The largest consumers of gas in the Ethereum network remain the decentralized exchange Uniswap and the USDT stablecoin issuer Tether.

Find out our professional review on bitcoin revolution platform.

About the author

Hi there, my name is Zalman Weinberg. I'm enthusiast with over 7 years of experience in cryptocurrencies and blockchain. Professional Trader providing Blockchain solutions to Startups and Enterprises. Expert in all cryptocurrency exchange APIs (BitMEX, Bittrex, Binance, Bitfinex, Kraken, Poloniex, Gdax etc.). I have also worked with multiple Forex broker APIs.

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