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Ethereum Gas Fees Hit New Lows – What’s Ahead for ETH

 


Ethereum is one of the most popular cryptocurrency projects in the world. Still, ETH has come under criticism for its extremely high gas (transaction) fees. Users around the world are constantly complaining about the shockingly high transaction prices on various social media platforms. Amazingly, Santiment, an on-chain and metrics platform, published a report on Twitter showing that Ethereum transaction prices have fallen to an all-time low.


The Ethereum platform

Ethereum is a distributed, censorship-resistant, and open-source blockchain that provides users with access to smart contracts. It is the second largest blockchain by market cap after crypto giant Bitcoin. Notably, 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 every transaction – buying, selling, exchanging, minting, etc. Ethereum used to have a negative record for very high transaction gas fees.


Recently, it was revealed that the crypto giant is offering lower transaction fees to its users, as recorded by Santiment. Santiment is a financial market content and data platform for blockchains and cryptocurrencies.


The metric platform broke the news of Ethereum's low 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 Santiment, this is the lowest transaction fee level since July last year. Historically, Ethereum has typically skyrocketed once average transaction fees fell below $5. 


Nonetheless, traders still need to exercise caution when trading and transacting with the cryptocurrency as the market is currently at a disadvantage. Therefore, given the current global bear market, there might not be a big bounce.


Various crypto experts and financial analysts believe that Bitcoin is on the verge of a massive collapse and forecast another decline. Mike Novogratz was one of the "doomsayers" for the world's leading blockchain and cryptocurrency.


The financial investor Novogratz spoke up on Twitter and explained that Ethereum and Bitcoin as well as the entire DeFi market are imminent. In his tweet, he emphasized that 2022 will not be so favorable for investors and traders.


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