Bitcoin and Ethereum usage fees are dropping by 70 to 80% as the market slide continues. The fall is rapid as the coin prices of both recede from recent peaks.
Moreover, the transaction fees have fallen by 81% for Bitcoin and 71% for Ethereum, respectively, over the last few weeks. However, the broader Crypto market continues to descend, and the fee fall is increasing from its recent all-time high.
Bitinfocharts Data
According to the Bitinfocharts data, the average cost of using the Ethereum blockchain fell from $69.92 per transaction to $20.6.
Ethereum
During the same period, the Ether (ETH) spot price also peaked and crashed. Its price started falling from an all-time high of $4,358 on May 12 to $3,183 just before the publication, which is a 27% decline. However, Ethereum daily user count quadrupled since the beginning of 2020.
It started climbing from around $400,000 to $1.6 million. But these numbers do not account for all the transactions taking place on Ethereum’s layer two protocols.
Bitcoin
Bitcoin also faced a similar trend in which its transaction fee fell to 81%. However, the BTC coin price was close to $65,000. The average transaction cost was around $62.77, which marked a new all-time high for BTC. It also exceeded the 2017’s high of $55, which signaled the top of the Bitcoin bull run at the time.
Bitcoin was priced at $42,440 by early on Monday morning, which marks a 34% decline since its recent April peak. Moreover, the Bitcoin dominance, which measures Bitcoin’s share of the overall cryptocurrency market cap, fell to 39.9% on Monday.
