As the market continues to decline, Bitcoin and Ethereum usage fees have dropped by 70–80%

As the broader cryptocurrency market develops, transaction fees for Bitcoin and Ethereum have dropped by 81% and 71%, respectively, in the past few weeks Continue to fall From recent historical highs.

According to the report, the average cost of using the Ethereum blockchain has dropped from US$69.92 per transaction on May 12 to US$20.06 on May 16. data From Bitinfocharts. In the same period, the ether (ETH) The spot price reached a peak and plummeted, falling from the all-time high of US$4,358 on May 12 to US$3,183 before the release, a decrease of 27%.

Before the market surge in 2021, Ethereum’s current average fee of $20 was to some extent the highest in history. Until 2020, the average usage cost is less than $0.10.The emergence of a decentralized financial application is the cause of the rapid rise in the cost of using Ethereum, which now accounts for four of the top five gas stove In the market boom of 2021, the attention to blockchain is getting higher and higher.

Ethereum’s daily users Quadruple According to data from Bitinfocharts, this number has climbed from 400,000 to 1.6 million since the beginning of 2020. This figure does not include transactions conducted on the Ethereum layer 2 protocol.

A similar trend has been observed on Bitcoin, with transaction fees dropping by 81% since mid-April, when the BTC token price was close to $65,000. The average transaction cost is about $62.77, which is a record high for BTC, exceeding the high of $55 in 2017, which marked the high point of Bitcoin’s bull market at that time.

As of early Monday morning, the price of Bitcoin was $42,440, a 34% drop from its recent peak in April. Bitcoin dominance, which measures Bitcoin’s share of the entire cryptocurrency market value, The lowest fell to 39.9% on Monday, Fell from a high of 70% in December.

Although it usually indicates that the altcoin market is expanding, the number may also be misleading due to the difference in the market value of cryptocurrencies in different periods. For example, in 2017, Bitcoin’s market dominance was close to 90%, but the global market value was only $2 billion, accounting for 0.1% of the current market value. At the same time, anyone who is willing to issue any token for a high supply or even a moderate starting price can easily increase the global market value.