Just seven days ago, the average transaction cost on the network was $22.52. October was a particularly moody month for Ethereum gas prices. On October 15, the average price was $45.74, nearly double the value of the first day of the month: $23.79.
Ethereum transaction price fluctuated since Hard Fork London In August, however, despite unusual variations – often between days – grid gas prices trend upwards.
It is important to note that BitInfoCharts provides a value based on the average transaction prices recorded for the previous day. In the EtherscanAt the time of writing this article, the real-time transaction fee is around $44.33.
Why are Ethereum rates soaring?
Since then, the price of bitcoin has fallen from $66,930 to $61,360, down around 8%. Ethereum, which on Friday hit a new all-time high of $4,456, also fell this Saturday, at $4,290, which is 3.8% below the record.
The two leading crypto activities in the industry usually show similar price movements. The total value of the global cryptocurrency market is $2.63 trillion. Bitcoin alone commands $1.1 trillion in total value, with Ethereum taking second place, representing a respectable half a trillion dollars.
The jump in the average Ethereum trading price from last Saturday to today is related to trading volumes over the past seven days. Last Saturday, $14.7 billion was traded in the ether, while yesterday the figure rose to $26 billion.
Ethereum’s explosive price performance and a significant rally in trading last week, as well as a reversal of overall good momentum in the crypto market, can also be attributed to the excitement surrounding the latest update of the ETH network.
Altair’s improvements to the mainnet went live on Wednesday (27) and arrived to help Ethereum take another step toward changing the consensus mechanism.
Today, the cryptocurrency network relies on Consensus Proof of Work (PoW) – miners with the most computing power validate most transactions. As of Ethereum 2.0, the network is based on Proof of Share (PoS), where community members verify transactions by locking ether into mask.
Of course, the network still has a long way to go before it can deliver on its promises of cheaper gas prices. Today’s price performance remains a strong indication that many are embracing Ethereum and its ecosystem.
* Translated and edited with permission from Decrypt
“Wannabe internet buff. Future teen idol. Hardcore zombie guru. Gamer. Avid creator. Entrepreneur. Bacon ninja.”