Ethereum Network Fees Surge To $5.72, Arriving At Highest Levels Since July 2023
Ethereum network fees have experienced a prominent increase, coming to $5.72 per transaction, denoting the highest point since July 2023. On-chain analytics provider Santiment attributes this rise to Ethereum's new surge beyond $2,000 and a concurrent increase in network activity. Despite the increase, transaction fees are considered reasonable when contrasted with the peak average fee levels of $14 observed in May. https://twitter.com/santimentfeed/status/1724319912552996864?t=JGFz_mnblN5-UN6tJ2zXSQ&s=19 BlackRock Ethereum ETF Filling The Ethereum network witnessed uplifted activity after Ethereum's price spiked to $2,134 last week, driven by the declaration of BlackRock filing for a spot Ethereum ETF. The surge in trading volume going with this declaration probably contributed to the increase in transaction fees per transaction. While the network fees have risen, they are still considered moderate in comparison to the peak fee levels observed before in the year. This suggests that, despite the ongoing […]