- Ethereum’s transaction fees have reached a new all-time high of $6.87 million
- The previous all-time high was $4.55 million attained back in 2017
- Meanwhile, Bitcoin’s transaction fees have remained low compared to that of Ether
Ethereum News Today – the continuous rise in transaction fees on the Ethereum network has reached a new milestone. The network has been dealing with an unwarranted rise in transaction fees. While a host of solutions are being explored, no reasonable option is forthcoming. Now, the transaction fees have risen to a new record.
On August 12, the transaction fees on the Ethereum Blockchain reached an all-time high point of $6.87 million. Recall that the previous all-time high point for transaction fees was posted during the peak market of 2017 when they reached a whopping $4.55 million.
Users Are Spending High Amounts to Complete Transactions
The recent rise in Ethereum transaction fees is a sign that users are happy to spend higher amounts of funds to ensure that their transactions are completed in a period when DeFi (decentralized finance) has boomed. When compared to the number one project, Bitcoin, Ethereum comes up top in transaction fees. Bitcoin’s transaction fees have stayed low despite the type of appeal the offering has to users.
As of August 12, there were $1.43 million transactions on Bitcoin’s network in total. This figure is reportedly 4.8 times lesser than Ethereum transaction fees during the same period. The unwarranted rise in transaction fees has made the network consider implementing new strategies to find a solution. Suggestions show that they have been caused by scaling issues.
Ethereum’s Price Action over the Last 24-hours
The price of Ethereum started today in the green against the USD and BTC. At press time the digital asset was trading at $388.20. The coin managed to rise by 1.51% over the last 24-hours of trade. Meanwhile, Ether’s price is 2.29% higher against BTC. Ether had a total market cap of $43,541,167,947 and a 24-hour trading volume of $13,046,346,570 at press time. The coin’s circulating supply stood at 112,161,334 ETH at press time as well.
The digital asset has continued to stay bullish despite its growing transaction fees. The network is still in demand even though there have been complaints about the rising transaction fees as users continue to shell out large sums to cover transaction rates. As BTC remained bullish, some analysts believed that altcoins will the affected negatively. Ethereum, the largest altcoin in the market has proven otherwise. The crypto market generally has enjoyed significant growth and more is expected as the month progresses.