Ethereum (ETH) gas fees rose to their highest level in 4 months…Learn why!
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Answer Ethereum (ETH) gas fees rose to their highest level in 4 months…Learn why!
Ethereum transaction fees have seen their highest level in the last 4 months.
Where the fee reached the level of 7300 gwei as the average price of gas.
Chinese journalist, Colin Wu, reported on Twitter that the popular NFT token projects are the main possible reason for the rise in Ethereum fees.
According to Nansen, the cost of gas rose due to the sale of the NFT The Sevens project, and the average cost of gas at 3:05 Gwei reached 7300 gwei. In the last 24 hours, The Sevens traded volume at 4,193 ETH, and the current floor price is 1.35 ETH. pic.twitter.com/hZbeYQDsjv
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– Wu Blockchain September 8, 2021
In just 24 hours, the trading volume of the non-fungible token “The Sevens” rose to the price of 4,193 Ethereum.
The average price of gas on September 7, as low as 200 gwei, then unexpectedly shot up to the roof all night, and exploded to an all-time high.
Vitalik Buterin is trying to solve the problem of gas fees:
The founder of Ethereum, Vitalik Buterin, commented about Ethereum fees, and that the reason for their high fees is due to the non-fungible tokens, and suggested that all NFTs be moved to Layer 2 solutions by which the high gas fees problem could be overcome.
According For Buterin, the network is currently very congested which leads to problems such as high transaction fees.
The founder of Ethereum explained that the NFT ecosystem is expanding rapidly and its trading volume will increase even more soon.
He added:
All current major aggregation platforms capable of using the Ethereum EVM have backdoors, or central hierarchies, so it is risky to commit an entire ecosystem to a single cluster while there is uncertainty about how the rollup will override these features.
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Standard Chartered is bullish on Ethereum:
The higher gas fees did not affect the bullish expectations of the institutions for Ethereum.
A recent Standard Chartered report on cryptocurrencies, Bitcoin and Ethereum in particular, stated that the outstanding value of Ethereum lies between a price bracket between $26 thousand and $35,000.
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Analysts of this bank also expect that Ethereum will offer higher returns compared to Bitcoin.
The same report also highlights the expectation of higher risks in Ethereum.
The bank said:
The current price reflects the relative complexity of Ethereum versus Bitcoin and the uncertainty regarding the development of Ethereum…
In other words, the potential returns may be greater for Ethereum than for Bitcoin, but the risks are also higher.
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