Ethereum Gas Fees Spike Amid Rising Transactions
Ethereum's transaction volumes have surged since February began, driving network gas fees to a multi-month high. The seven-day moving average for Ethereum's economic throughput rose to over $3.55 billion, a 15% increase from early February. This upswing led to gas fees peaking above $11, a level not seen since mid-December. Significant fee increases were observed on February 9, reaching 854 ETH in a single day. This trend is partly driven by a surge in Ethereum NFT trading, which hit $147.29 million last week, marking the highest level since February 2023. Despite the increase in network activity, Ether's price fell by 1.9% to $2,476.
FAQ
❓ What caused the increase in Ethereum gas fees?
The increase is mainly due to higher transaction volumes, particularly from NFT trading.
❓ What is the current price trend for Ether?
Despite increased network activity, Ether's price decreased by nearly 2%.
❓ How does Ethereum's transaction volume relate to gas fees?
Higher transaction volumes typically increase gas fees as network demand grows.