Over the last three weeks, the transaction costs for bitcoin (BTC) have climbed sharply, reaching a peak of $15 per transfer just three days ago. Similarly, the cost to transfer ethereum (ETH) has jumped significantly. In the span from October 22 to November 12, 2023, the average fee for ethereum transactions soared by 219%, increasing from $2.08 to $6.64 per transaction.
Ethereum Transfer Costs Escalate by 219% in Less Than a Month
The spike in ethereum (ETH) fees mirrors the uptrend seen in bitcoin’s transaction fees, as the expense associated with the gas required for transferring the digital currency has escalated in this period. At present, the average fee for an ether transaction stands at $6.64, with the median fee at 0.0013 ETH, or $2.70 per transaction.
Interestingly, the cost to transfer ether aligns closely with bitcoin’s transfer fees, with both average and median charges for ETH transactions paralleling those for bitcoin. However, a distinct variance emerges when conducting other types of operations on the Ethereum blockchain, such as engaging with a smart contract.
As a result, exchanging an ETH-based asset on a decentralized exchange (dex) platform can incur a fee ranging from $27.77 to $28.50 per transaction. Similarly, the expense for conducting a non-fungible token (NFT) transaction fluctuates between $46.93 to $48.16.
On Sunday, November 12, the cost of transferring assets across different chains via bridging was an estimated $8.93 to $9.17. From October 22, 2023, to November 11, 2023, Ethereum has processed an average of roughly 1,071,448 transactions daily.
Looking at the ETH and BTC ‘Flippening Watch,’ BTC still leads ETH in market capitalization, daily trading volume, and the 24-hour fees collected by validators compared to what BTC miners earn. Regardless of the perspective, transactions on these two blockchains, which lead by market cap, are significantly pricier than their other layer one (L1) counterparts.
What do you think about the cost to move ether rising? Share your thoughts and opinions about this subject in the comments section below.