Is There No Transaction in Ethereum and Bitcoin: The Lowest Level in 4 Years Has Been Seen!

While the lowest transaction fees in the last 4 years were observed in the Ethereum network, the ETF took on an inflationary structure.

Average transaction fees on the Ethereum (ETH) mainnet dropped below 3 gwei over the weekend, a level not seen since January 2020. This was seen as an important sign that Ethereum layer-2 (L2) networks could help alleviate the cost of sending transactions.

About 1 year ago, the average transaction fee in Ethereum varied between 15 and 20 gwei. According to on-chain data platform Dune data, the highest average transaction fee of this year occurred in March. On the other hand, the highest daily average transaction fee was recorded as 83 gwei on March 5.

Currently, gwei is at 4.69 levels.

Transaction fees on Ethereum have experienced a steady decline following the Dencun upgrade, which went live on the mainnet on March 13. Since the Dencun upgrade, Ethereum transaction fees have fallen by approximately 92%.

It took on an inflationary structure

According to Ultrasound.money data, the burn rate has also slowed down in parallel with the decrease in transaction fees in Ethereum. This situation caused Ethereum to take on a slightly inflationary structure.

Bitcoin is also falling

While the Bitcoin price was experiencing the most liquidated period of 2024, transaction fees also decreased. Bitcoin transaction fees averaged $1.93 per transaction on June 23, the lowest since October 2023.