Ethereum [ETH] has experienced a rapid increase in average transaction fees in recent weeks, despite the fact that daily activity and network growth have not kept pace with this surge. The bullish wave that swept across the crypto market when Bitcoin [BTC] surpassed the $64k level provided a boost to Ethereum’s price.
The average fee for Ethereum has seen a significant uptick, nearly 12 times higher compared to late August. However, the price gains have somewhat mitigated the impact of these rising fees. Despite the positive price trend, there has been a decline in Ethereum’s market dominance, which is a cause for concern.
According to a post on X by Santiment, a crypto data analytics platform, the average fee for Ethereum has steadily increased over the past month. During this period, Ethereum’s price has also seen a 17.69% increase since hitting a low on September 16th.
The price surge has likely overshadowed discussions about the escalating fees. For instance, the average fee rose from $0.29 on August 31st to $3.61 on September 24th, marking a notable ascent. However, in recent days, the fee has dropped to an average value of $2.18. Additionally, the weighted social sentiment has turned positive, which bodes well for ETH investors as the asset nears the key resistance zone at $2.8k-$2.9k.
Despite the increase in transaction count by approximately 10%, daily active addresses and network growth have shown a downward trend over the past three weeks. The surge in fees could be attributed to activities like NFT minting or users opting to pay higher priority fees to expedite their transactions.
In conclusion, Ethereum’s rising fees amid stagnant network activity present a challenge for the platform. However, the positive price trend and social sentiment offer some respite for investors. As Ethereum continues to navigate through these challenges, the crypto community remains optimistic about its future prospects. The Importance of Mental Health in Today’s Society
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