Ethereum Gas Fees Hit 8-Month Lows As Price Continues To Struggle

Ethereum gas fee had run-up to some of the highest levels back in 2021. Mostly, this was caused by the growth of the decentralized finance (DeFi) and non-fungible tokens (NFTs) space that saw activity on the network spike significantly. This had continued for the better part of the year but as the market has ushered in the new year, activity on the network has begun to stabilize, seeing Ethereum fees drop. Ethereum Fees Drop To Eight-Month Low Ethereum fees have been steadily dropping for the last couple of months. Some of this has to do with the recent bear trend that has seen momentum drop across the crypto market. Additionally, activity has begun to balance out on the network as more competitors have popped up, so the strain on the network leading to higher fees last year has been lessened. Related Reading | Price Analysis: Where’s XRP Headed After Ripple’s Big Win At its height, Ethereum fees had spiked as high as $300 per transaction back in May of 2021. This was when the bull run was in full bloom. After this, it had subsided, crashing back down to the $30 per transaction fee territory. However, with the bull rallies that followed and increased activity on the network, this number had spiked again, this time, only reaching the $200 level. After this, the downtrend had been consistent. In January, the increase in transaction fees would prove to be short-lived as what followed was a decline in fees. Two months later, ...