- Ethereum’s gas fees and trading volumes are declining.
- The network’s hash rate is increasing. Ethereum’s gas fees have dropped by 33.5% in the last five days, reaching $37.19, as the price of the cryptocurrency edges toward its all-time high of $4,465.
At the time of writing, Ethereum trades for $4,626. The average transaction fee has decreased to $37.19, marking a 33.5% reduction from Tuesday, when the average gas fee was $56.
On top of that, the network’s hash rate has surged to new heights. Hash rate determines the network’s computing power. On Monday, Ethereum’s hash rate hit 812,769 GH/s. By Wednesday that figure ballooned to a new high of 821,207 GH/s, according to Etherscan.
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So there’s a lot of new figures to digest, but what do they mean? Although the hash rate has increased, lower transaction fees could indicate lessening demand, and while the price and computing power of Ethereum might be sky