Ethereum’s transaction fee drops below $0.90 but here’s the issue

Ethereum's [ETH] transaction fee drops below $0.90 but here's the issue

Dealing with the constant selling pressure hasn’t been easy for any altcoin. Well, not even for the king alt Ethereum. ETH has been following the broader market cues. In fact, the past week registered around 10% gains but a weekend sell-off saw ETH’s prices cut by more than 3%.Ethereum is continuing to show mixed signals on the network. As per Santiment, average transaction fees on Ethereum have dropped to $0.88. This is the lowest value seen on the network since July 2020.

Well, the falling demand for Ethereum in the market across different sectors such as NFTs shows a falling volume. And, a lack of volume regards diminishing activity on the network which in itself is a concern.from Glassnode, the total value in the ETH 2.0 deposits reached an all-time high of 13,018,325 ETH. As we edge closer to the Merge, investors are increasing and are continuing to deposit their holdings in the staking contracts.

ETH was trading just below the $1,150 mark, at press time, after a major downward turn on 10 July. However, it has been able to recover 6.78% of its position over the past week.Subscribe to get it daily in your inbox.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

CryptoAmb /  🏆 22. in CA

South Africa Latest News, South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Ethereum v. Polygon – Could gas fees be the turning point yet againEthereum’s growth has been phenomenal, and its DeFi capabilities make it the one of the biggest blockchains. However, at the same time, the cost of being an Ethereum user has made it difficult for some to operate on the chain. This led to the creation of Layer-2 chains and cheaper L1s. Ergo, the question – […]
Read more »

This is what happened during Ethereum’s latest All Core Developer callEthereum [ETH] core developers concluded their 142nd All Core Developers (ACD) call on 8 July. The meeting discussed issues regarding the Merge mainnet fork, among other important updates on the network. And we’re off The meeting reports have been released by Core Developer Tim Beiko and Galaxy Digital researcher Christine Kim. Both recaps provide different […]
Read more »

Ethereum [ETH]: Identifying how good or bad Q2 was for the networkIn its new report titled “State of Ethereum Report — Q2, 2022,” Bankless reviewed the performance of the Ethereum Network and its ecosystem in the second quarter of 2022. It touched upon the network’s performance under four broad categories – Protocol, Decentralized Finance (DeFi), Non-Fungible Tokens (NFTs), and Layer 2. Ahead of the Ethereum 2.0 […]
Read more »

Vancouver beer and music festival blames staff shortage and faulty wrist band tech for lineups - BC | Globalnews.caFestival organizers issued a statement Sunday morning, blaming staff shortages and a tech issue with wristbands.
Read more »