Ethereum’s average transaction costs plummeted by about 73.3 % within only one month, from $53.03 to $14.17. The famous transaction prices of the Ethereum (ETH) ecosystem fell to the lowest average and median fees of $14.17 and $5.67, respectively, since September 2021, on January 10.
According to data, the average transaction price for ETH in January was $53.03. This price was up from the $70.83 level recorded in May 2021. The average costs dropped by roughly 73.3 % in just one month, as the data provided shows. Furthermore, from $29.88 in January, the resultant median transaction charge dropped by 81.02 %. The lowest median transaction cost for ETH in the previous six months was $6.26 in September. Surprisingly, the number of transactions on the Ethereum network has plummeted to levels last seen in early 2019.
Outlook on The Ethereum’s Market
According to the statistics, Ethereum’s transaction count fell to 14,574,808 on February 1 from 36,851,128 the previous month; a 60.44 % reduction in only one month. This is the first time in Ethereum’s history that the number of transactions has decreased so dramatically in such a short time. To reduce the overall transaction call data gas cost on the ETH network, Ethereum co-founder Vitalik Buterin suggested a new restriction on the total transaction calldata in a block in November 2021. On the 2Miners: Solo pool, an ETH miner verified a block on their own and won a reward of roughly $540,000.
According to Cointelegraph, the miner received 168 ETH for successfully mining the block. This value was much higher than the per-block average return of around 4 ETH.
