Ethereum transaction fees at historic low

As recently as May, Ethereum fees skyrocketed. Today, fees are at a new all-time low this year.

On-chain data shows that average Ethereum transaction fees have dropped to $1.15.

This is the lowest level of transaction costs since December 2022 and represents an all-time low in 2023.

Historically, utility on Ethereum increases when transaction costs become cheaper, according to Santiment. Increased utility can then lead to a recovery in market capitalization, it says. With the increase in Layer-2 usage, and the fact that the number of transactions on the Ethereum network is not lower, you can also consider this fact as good news. Fees are getting lower, usage is just as high.

At the time of writing ETH traded at $1,591, losing just under three percent in the past seven days.