Ethereum is one of the most widely adopted cryptocurrency projects worldwide. However, it does come with some reservations due to high gas (transaction) fees. Globally, users are constantly complaining about the extremely high transaction fees of ETH on various social media platforms.
Santiment posted a report on Twitter showing that Ethereum's transaction prices are at their lowest.
On the Ethereum network, users can make any transactions, buy, sell, trade, mint transactions, etc. They are charged for certain amounts. Ethereum previously had an unclean track record as it had very high gas fees for its transactions.
Recently, they have started offering very low transaction fees to their users, as noted by the leading researchers of the market. As of Tuesday, May 24, the second largest blockchain had a transaction price of $2.54 per transaction.
According to the statement, this is the lowest level of transaction fees since last July. Therefore, the situation seen may be unique for Ethereum prices. Historically, Ethereum prices have often bounced when average transactions fell below $5. Ethereum's average gas fees have dropped, breaking a 10-month low.
However, as the market is currently trending negatively, those interested in the market need to be careful when trading and trading crypto. Therefore, a significant bounce may not occur given the current global bearish market.
Various crypto experts and financial analysts predict that Bitcoin is about to fall massively, predicting further declines. Mike Novogratz was among the world's leading "heralds of doom" for blockchain and cryptocurrency.
Novogratz, a financial investor, took to Twitter noting that further declines await the entire DeFi market with Ethereum and Bitcoin. In his tweet, he emphasized that 2022 will not be very favorable for investors.
Considering that Bitcoin controls the value of the entire DeFi market, it can be predicted that if Bitcoin, the most important blockchain, falls, the entire market will follow. This includes the Ethereum blockchain.