If you’ve been contemplating the purchase of Ethereum non-fungible tokens, now is likely a beneficial time, gas costs considered. The price of ETH gas has plummeted substantially in recent weeks, reaching as low as $3. Consider the current ETH gas costs and why they are decreasing.
The price of Ethereum gas is falling
As of Sunday at 12:00 p.m., the cost of ETH gas per transaction has decreased to $2.96. Reports indicate that this is the lowest level in in ten months. In July of 2017, the market for cryptocurrencies saw a similar price fall.
Moreover, the median cost of ETH gas is much cheaper. A single Ethereum transaction of average size currently costs as low as $1.56. As a point of reference, on March 8, this year, each transfer cost $3.73.
In actuality, Ethereum gas prices have decreased over the last several months. Also in March, the values dropped significantly.
Why are Ethereum gas costs cheaper?
To illustrate why ETH gas prices are lower, let’s begin by defining gas fees. These fees are paid to Ethereum miners in order to confirm network transactions. Transaction costs are proportional to network activity. And vice versa, which is most likely the case at now.
Recent analysis by market intelligence firm Santiment indicates that the decrease in Ethereum network interest has led to a decrease in gas prices.
In recent days, Ethereum transaction costs have been so low, according to the report. “We could tell they were that low even before previous lows… Low costs reflect a lack of activity; nobody wants to complete anything.”
Fans of Ethereum are now awaiting the merger with bated breath. This will lower ETH’s gas costs further while also decreasing environmental issues.