Transaction prices are falling sharply as Bitcoin and Ethereum pull back from recent highs.
BehindRecently, prices for transfers in the Bitcoin and Ethereum networks have fallen by 81% and 71%, respectively.
According to BitInfoCharts, as early as last Wednesdaythe average transaction fee on the Ethereum network was $ 69. That amount dropped to $ 20 on Sunday. At the same time, the ETH spot price reached a record high of $ 4,358 and fell to $ 3,200.
Before the ETH price surge in 2021, the current $20 fee would have seemed huge. Back in 2020 (before the surge in DeFi popularity), the average transfer price was around 10 cents.
A similar trend is observed in Bitcoin. At its peak of $65,000, the average commission price was around $63. The price drop led to a reduction in translation costs by 81% – now it is about $11.
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Based on materialscointelegraph.com
