As Ethereum Goes Bullish, The Transaction Fee Is the Topic of Concern
On Jan 27, 2021
Recently, Ethereum became bullish and broke its all-time high price. While holders are happy about the price, the transaction fee rises.
The native cryptocurrency of the Ethereum blockchain network, Ether (ETH), soared to $1,475 on 25th January, according to TradingView. Also, a week ago, ether increased up to $1,439 on 19th January. This price surge magnetized attention to Ethereum. Some people sold ether after this event, and now the price of Ethereum is less than $1,300. At the time of writing, the value of ether was $1,257. Ethereum went down to $1,250 and corrected itself, this support area can boost Ethereum, and it can go up again. Analysts say that if Ethereum goes down than the support area, it can dip to $1050.
Transaction Costs of Ethereum
As Ethereum becomes the hot topic in the market, the transaction cost increases as the demand does. The main concern of the Ethereum users is the high transaction cost when there is increasing demand. The transaction fees peaked on 11th January. According to the BitInfoCharts, the average cost of a transaction was $16.5. Although someone transferred $1 billion worth of Synthetix token on the Ethereum network just for $7.17 12 days ago, according to EtherScan, the average transaction cost is $7.16 on average user on 27th January. Considering the not all transactions worth billions, then it can be a high transaction fee.
The Best Time for Transaction
It seems that Rochelle Guillou found the solution for the high transaction fees. In the blog published on the Flip Side, the author proposed a graph that shows the transaction traffic of Ethereum. The author found out that the worst time for a transaction is the 2-6 PM UTC. The best time for a transaction is 1-3 AM, 5-8 AM and 9-11 PM.
People Moves Their Ether From Exchanges
According to the Glassnode, the amount of Ethereum moves from exchanges is increasing. As you can see, the balance of Ethereum on exchanges is at the same level as it was in November 2019. The Ethereum balance has decreased more than a million from the beginning of the year, and now it is 15,500k ETH. Possible reasons are people move their balances to cold storage, or they move it to decentralized exchanges.
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