If you’re looking to purchase Ethereum NFTs, this is a good time. Recent weeks have seen a drop in ETH gas fees to as low as $3. Let’s have a closer look at ETH gas prices and how they are getting cheaper.
Ethereum Gas Fees are Dipping
As of 12: 00 pm on Sunday, ETH gas fees dropped to $2. 96 per transaction. Reportedly, this is the lowest it has been in over ten months. Similar price drops were seen in July last year when the crypto market crashed.
Furthermore, the median ETH gas prices are much cheaper. A single median-sized Ethereum transaction now costs as low as $1.56. For perspective, this figure was $3. 73 per transfer.
As a matter of fact, Ethereum gas fees have been dropping in recent months. In March as well, the values dropped significantly.
Why Are ETH Gas Fees Cheaper?
To understand why ETH gas fees are cheaper, let’s first discuss what exactly gas fees are. This is what we pay Ethereum miners to validate transactions. Transaction fees rise with increased network activity. It is possible that this is what is happening right now.
A recent report by the market intelligence firm, Santiment suggests the cheaper gas fees are a result of the decline in interest in the Ethereum network.
“Ethereum fees are so low last days,” the report wrote. “We could even notice they’ve been that low before previous bottoms…Low fees mean very little activity, no one is interested to do anything.”
Currently, Ethereum users are eagerly waiting for the merge. This will reduce ETH gas prices and minimize its environmental impact.
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