Ethereum’s price rises in the past few days. The network’s average fee rises above $10 for the first time since September 2020.
In the past quarter, it is not just Etherum’s price that has seen a meteoric rise. There has been a spike in the average transaction fee too, which has skyrocketed, shooting above $10. Uniswap, a popular exchange that is decentralized, still holds the maximum share of having spent 3000 (ETH) in the past month.
The rising of the average fee means that they have seen such a spike for the first time in the past 4 months. It is a result of the large number of transactions pending on Ethereum’s network. Etherscan’s data shows that the pending transactions exceed 150,000.
Uniswap has the largest number, having spent nearly 31,700 ETH in the past month. Tether (USDT), the most commonly used Stablecoin is second, next only to ETH, with a spending of over 26,200 ETH r $10.5 million.
Apart from SmartWay Forsage, the other DeFi projects hold the top 10 position, causing several cryptocurrency members to take to Twitter, tweeting about the exorbitant fees, which makes small DeFi swaps difficult.
Many members have stated that these increasing fees have only made Ethereum mining more profitable. In fact, according to recent reports, in the past few days, ETH miners have been earning more than BTC miners.
ETH has been on wild roll since September last year, when it was struggling to maintain $300. However, the crypto market’s bull run took Ether to its highest price for the first time in 3 years with $1170. This is a massive 290% rise. In the hours following the rise, ETH arrived at the current intraday low with less than $900 after dumping over 20%.