The sharp drop coincides with a tumbling S&P 500 amid concerns that the US economy will not fully rebound from the pandemic.Īlthough sales have declined, optimism has persisted among NFT creators, who steadfastly claim that the space has a lot of growing to do and that the best is yet to come. ETH spiked from $3,200 at the end of August to just under $4,000 by September 3, a price at which it hovered until September 7, when Ethereum tumbled to lows of $3,186. Sponsored Sponsored Another positive for the network is that it became deflationary as the amount of ETH burned through the EIP-1559 mechanism also surged to an all-time high. The price of Ethereum has followed a similar trajectory. The good news is that Ethereum transaction fees quickly returned to normal today, with Etherscan reporting around 3 per transaction on average at the time of press. After a huge trading spike on August 28, when $267 million worth of NFTs sold (most of them from the Bored Ape Yacht Club Mutant NFT drop ), trading decreased to a paltry $7 million yesterday. There are currently over 469,000 transactions waiting to be confirmed in Bitcoin’s mempool as of this writing, according to mempool.space. There has been a spike in the average transaction fee too, which has skyrocketed, shooting above 10. The Bitcoin quadrant of Crypto Twitter was abuzz with concern on Sunday, as some users saw high transaction fees and a congested backlog of transactions as an attack on Bitcoin.

In the past quarter, it is not just Etherum’s price that has seen a meteoric rise. The network’s average fee rises above 10 for the first time since September 2020. However, the seven-day average for NFT sales has declined ever since August 29, according to, from just over $1 billion to $217 million yesterday.Īnd daily sales are even lower. Ethereum’s price rises in the past few days. The highest ever average fee, $69, was observed set on May 21.įees heated up in the past few weeks as the NFT market went crazy and the price of ETH started to rise. That high of $59 was the highest average price for a transaction on Etheruem since May 19, when fees also hit $59. That’s a dramatic decline from averages $59 on September 11 just four days ago. Each piece of land in the Otherside metaverse costs around 5,800 APE, but the gas fees.

Analysts argue that Vitalik Buterin once stated that 'the internet of. Bored Ape Yacht Clubs metaverse land sale pushed Ethereum gas fees to 100 or 200 times more than normal. $0.0003438 -0.29% Terra Classic (Wormhole) Ethereum has settled over 6.2 trillion worth of transactions over the past 12 months, despite a spike in gas fees.

Ethereum transaction fee spike