Ethereum transaction fees reached an all-time high of $6.87 million yesterday
August 13, 2020, 3:10AM EDT
1 min read
Ethereum transaction or gas fees reached an all-time high of $6.87 million yesterday, August 12, according to The Block Research.
The previous all-time high was during the market peak of 2017 — $4.55 million. The recent surge in Ethereum fees suggests that users are willing to shell out higher amounts to get their transactions completed in a period of decentralized finance (DeFi) boom.
In comparison, Bitcoin transaction fees have remained low. They were $1.43 million in total yesterday, which is 4.8 times lower than Ethereum fees on the same day.
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Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.