Ethereum gas costs hit new lows, what’s next for Ethereum?
Ethereum is one of the most widely used cryptocurrency projects in the world. Yet it is hated worldwide for its sky-high gas (transaction) costs. Globally, users are constantly complaining about the coin’s horribly high transaction prices on various social media platforms.
Shockingly, Santiment, an on-chain and metric platform, released a report on Twitter showing Ethereum transaction prices plummeting to their lowest point.
The Ethereum platform
Ethereum is a distributed, permissionless and open-source blockchain that gives users access to a smart contract. It is the second largest blockchain by market capitalization, after crypto giant Bitcoin.
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Remarkably, Ethereum offers a p2p (peer-to-peer) network that verifies and executes codes within the platform, known as Smart Contracts.
Ethereum GAS Price
On the Ethereum network, users are charged certain amounts for transacting, buying, selling, bartering, minting, etc. Ethereum earlier had a ridiculous record for having very high gas rates for its transactions.
Recently, the crypto giant started offering its users meager transaction fees, as recorded by Santiment. Santiment is a content and data platform for the financial market for blockchains and cryptocurrencies.
The metric platform broke the news on Ethereum’s meager transaction prices on Twitter. As of Tuesday, May 24, the second largest blockchain had a transaction price of $2.54 per transaction.
What’s next for Ethereum
According to Holiness, these are the lowest transaction costs since July last year. Therefore, it can be unique to ETH prices. Historically, the prices of ETH coins usually rise once the average trades fall below $5. Ethereum’s average gas costs have fallen, reaching its lowest point in 10 months.
Nevertheless, traders should still be careful while trading and transacting with the crypto as the market is currently at a disadvantage. Thus, a significant jump may not occur given the current global bearish market.
Several crypto experts and financial analysts predict that Bitcoin is about to fall massively and predict a further dip. Mike Novogratz was one of the “prophets of doom” for the world’s leading blockchain and crypto.
ETH Price About To Drop Below $1,700 | Source: ETHUSD on TradingView.com
Novogratz, a financial investor, took to Twitter and stated that further dips await Ethereum and Bitcoin and the entire DeFi market. In his tweet, he emphasized that 2022 will not be as favorable for investors and traders.
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Noting that Bitcoin controls the value of the entire DeFi market, if Bitcoin falls, as it is the main blockchain, the entire market falls. This includes the Ethereum blockchain.
Featured image of Pexels, chart from TradingView.com