Ethereum [ETH] transaction fees have dropped significantly after the implementation of Ethereum Improvement Proposals (EIPs).

However, recent weeks have seen a small increase in fees, due to increased NFT sales and network activity.

Ethereum Transaction Fees Hit 3-Month High

Ethereum transaction fees recently hit a three-month high, with total weekly fees climbing to $45 million, the highest since June 2024, according to data from IntoTheBlock.

Further analysis shows that daily fees began to increase on September 22, with volume nearly doubling from $4 million before gradually decreasing.

At the time of writing, the fee has stabilized at around $3 million.

Similarly, data from Etherscan shows that average transaction fees started to increase around the same time.

The average fee increased from $4 on September 22 to over $7 on September 24, before falling to around $2.85 at press time.

Ethereum's NFT Market Gains Momentum

The NFT market on the Ethereum network has shown signs of coming back to life.

See also: XRP is not rising: Bill Morgan explains why

Data from DuneAnalytics indicates that NFT trading volume has increased slightly in recent weeks, contributing to the increase in transaction fees.

Analysis shows that daily NFT trading volume consistently exceeds $4 million.

Furthermore, CryptoSlam reported that Ethereum had the highest NFT sales volume in the past seven days. Data shows that sales volume reached $29.3 million, up 31% from the previous week.

Ethereum Trading Volume Remains Steady

Despite rising fees and NFT activity, Ethereum's overall transaction volume remains stable.

Data from DefiLlama shows no significant spike in overall transaction volume, except for a slight increase to 1.2 million on September 27.

Over the past few weeks, the number of daily transactions has remained around 1 million.

Although Ethereum has experienced a recent surge in fees due to the robust NFT activity, the network's overall transaction volume has remained stable.

This suggests that NFT sales have been a major driver of the current fee surge.

#tintucbitcoin #Write2Win #TopCoinsJune2024 #IntroToCopytrading #AirdropGuide