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Ethereum’s Gas Fees Have Been Falling

Ethereum’s gas fees have been falling in the previous five days as the currency’s price approaches its all-time high of $4,465 achieved on Wednesday this week.

At the time of writing, the price of Ethereum is $4,626. The average transaction charge is $37.19, a 33.5 percent decrease from Tuesday’s average gas fee of $56 on Ethereum.

Furthermore, the network’s hash rate continues to climb to new highs. The network’s computing power is determined by the hash rate. On Monday, the hash rate of Ethereum reached 812,769 GH/s. According to Etherscan, that statistic had risen to a new high of 821,207 GH/s by Wednesday.

On Wednesday, Ethereum saw a little more than $21 billion in trading. By Saturday, that amount had reduced significantly: Ethereum had a trading volume of approximately $14 billion. During that time, Ethereum also lost $10 billion in market capitalization, which now stands at around $534 billion.

 

Still, Ethereum supporters would point to the network’s developing NFT sector, which has this year attracted household companies such as Marvel, Visa, and Budweiser, as well as NFT-established firms such as NBA and fantasy soccer game Sorare.

On Tuesday, the Chicago Mercantile Exchange announced that it will begin trading Ethereum micro futures derivatives in December, allowing traders to conduct considerably smaller trades than current Ethereum futures contracts allow.

Ethereum is also preparing for a massive network update. Ethereum 2.0 promises far faster speeds, lower gas expenses, and a much lighter carbon impact.

Ethereum upgraded its beacon chain at the end of last month. The addition of staking to the Ethereum ecosystem prepares the way for “the merge”–a yet-unconfirmed date when Ethereum would abandon its energy-intensive proof-of-work consensus process in favour of the greener trappings of a proof-of-stake consensus mechanism.

As a result, demand for Ethereum may have decreased slightly, and a greater hash rate may have alleviated the burden on the network. However, fees fluctuate all the time, and there’s still a lot to look forward to on Ethereum.