Bitcoin

The transaction fees on the network Ethereum totalled 564 000 dollars in a day

Because of the great congestion of the network Ethereum, the transactions costs have shot up dramatically and have been evaluated to 564 000 dollars in just one day, 12 march.

An outbreak of transaction costs

Users of Ethereum pay fees so that their transaction is executed in the shortest possible time. Thus, the higher the transaction costs are high, the more the users increase their chance to include their transfer in the next few blocks of Ethereum. As the participants increase and seek to have priority over transactions in Ethereum, the transfer fees are also higher.
According to data collected by The Block, approximately 564 000 dollars of the ETH have been spent by users on the 12th of march last, owing to the great congestion of the network. So, last Thursday, the cost of a transaction Ethereum is past 12 Gwei 100 Gwei.
The total amount of transaction costs spent on Ethereum would have largely exceeded that of Bitcoin which has been evaluated in only 298 000 dollars.

The unexpected drop in the ETH

The panic continues to earn in the financial markets and the crypto-industry. Like the Bitcoin, which started its steep fall a few days previously, Ethereum (ETH)collapsed by dealer $ 89 last Thursday.
At the same time, the crypto-industry is moving slowly towards a phase of accumulation. Indeed, large investors have bought heavily of the ETH, taking advantage of the lower prices of the crypto – currency. According to the american firm Santiment, the more big investors ” have the collective sense that the crypto-currency is undervalued and think it is a great way to invest in the medium or long term “.
What do you think of these transaction costs exorbitant on the network Ethereum ? Give us your opinion in the comments section below.
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About the author

Jeremiah Faber

Jeremiah Faber

Jeremiah is an explorer by heart – both in the physical and the digital realm. A traveler, Jeremiah continues to visit new places throughout the year in the physical world, while in the digital realm has been instrumental in a number of Kickstarter projects. Technology attracts Jeremiah and through his business acumen has gained financial profits as well as fame in his business niche.