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Ethereum Fees Are as High as Ever with Heatmap Showing Elevated Gas Costs

Wed, 11/03/2021 - 14:29
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Arman Shirinyan
Ethereum is not being the most friendly coin for small players in terms of fees
Ethereum Fees Are as High as Ever with Heatmap Showing Elevated Gas Costs
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With the increasing popularity of the Ethereum network and the sudden jump in the popularity of meme coins and decentralized applications, the average fee has increased to an average of 150 Gwei per one transaction, according to IntoTheBlock.

With the price of Ethereum reaching a new ATH, the USD equivalent of each transaction is increasing even more significantly. According to the data provided, the gas cost has not gone below 100 Gwei for a whole week.

Source: IntoTheBlock

The best time for moving Ethereum is 11:00 a.m. UTC, according to the provided heatmap. If you choose to move your funds at that time, you will pay an average of 130 Gwei. The highest one-hour average transaction cost has stayed at 273 Gwei.

At press time, if you are willing to make a transaction on the Ethereum network, you should be ready to pay $15 for the average time and $18 for a prioritized transaction.

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Though the fee structure has been changed, users still have no other choice but to pay an elevated base fee and miners' tips, which are still being used as a tool for auctioning transactions on the network.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.