Ethereum gas fee falls to the lowest since 2020
Ethereum network's gas fee falls to $1.57, a figure last seen in December 2020
By Shashank Bhardwaj
Image: Shutterstock
The average gas fee of the Ethereum network has decreased to 0.0015 ETH ($1.57). The last time the transaction fee was this low was in December 2020. Daily NFTs sales have also decreased to one-year lows as a result of this sudden fall in prices.
Despite being one of the most prominent blockchains, Ethereum's biggest drawback was its extraordinarily high transaction costs, also referred to as gas fees. The Ethereum network charged an average gas fee of about $40 per month between January 2021 and May 2022, with May 1 of this year seeing the highest average daily gas price of $196.638.
The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash

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