Ethereum Fees Hit a One-Month Low as Transaction Volumes Plummeted
Ethereum transaction fees have dropped to one of the lowest levels this year. At the time of writing, it was only 19.8 Gwei per transaction, which was converted to about 0.5 US dollars.
This means a decrease of more than 80% compared to last week's peak gas cost of 151.3 Gwei per transaction. This coincides with a decrease in the volume of transactions on the network, as shown on Messari.
The data aggregation website shows that the volume of Ethereum transactions has decreased by more than 80% compared to the monthly maximum. On June 13, the real volume of transactions in the network exceeded $ 10 billion. Today, the real volume amounted to $ 570 million, which is the lowest figure for the month.
The price of ETH dropped to $1,179 | Source: ETHUSD on TradingView.com .
The offer also suffered in June. By the end of last month, DeFi had more than 8.6% of the total ETH supply. However, at the time of writing this article, DeFi has less than 8.3% of the circulating supply. This also means that the dollar value is less than $10 billion, whereas three weeks ago the value was $30 billion.
Reservoirs of ETH Profitability
With the recovery of the Ethereum price, good news has come for investors. But there is still a gap in profitability levels compared to last year. In the last month of 2021, more than 80% of ETH investors made a profit. Given that the digital asset reached a new historical high in November, this was expected.
However, from this moment there is a significant drawdown. IntoTheBlock data shows that although most investors in ETH remain in profit, it is only by a small margin. 52% of wallets are currently in the black, and 47% are at a loss. This puts only 2% of all investors in neutral territory, which remains shaky.
When it comes to the growth of the network, there is more negative sentiment among investors. The main reason for this is all the competitors that are moving into the DeFi and NFT space.
Nevertheless, Ethereum remains the second largest cryptocurrency by market capitalization. At the time of writing this article, the cryptocurrency is trading at $ 1,200, the market capitalization of the cryptocurrency is $ 149 billion.
https://coin-signal.com/ethereum/ethereum-fees-hit-a-one-month-low-as-transaction-volumes-plummeted/
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