Ethereum, which has been in a downtrend with the rest of the market since the last months of last year, has lost almost 50 percent of its value. However, it seems that the price drop has not yet had an effect on investors holding ETH long-term.
According to the latest data, the number of investors holding at least 10 ETH in their wallets reached 280 thousand, the highest level seen in the last 1 year. In addition, an average of 22 million Ethereum addresses has 0.01 ETH. On the other hand, the activities of Ethereum whales continue. Recent records showed that 14,000 ETH worth over $36 million were transferred from Bitfinex to an anonymous wallet today.
In addition to high amounts of Ethereum addresses, there is an increase in accounts holding low amounts of Ethereum. The number of investors who want to evaluate low prices has reached a record level, reaching 22 million.
One of the biggest criticisms of Ethereum is that the transaction fees are extremely high. This causes users to turn to Ethereum alternatives that offer cheaper transaction fees. So much so that in the second half of 2021, transaction fees on an Ethereum-based platform rose to $ 60. This was a serious obstacle for many investors who wanted to trade in the DeFi market.
Looking at Ethereum fees in the current situation, there is an 80% decrease from their peak levels. This was seen as a significant advantage for using Ethereum-based DeFi platforms and NFT markets.
According to the latest data, Ethereum transaction cost averages 0.0043 ETH (around $11). It is stated that the current transaction fees are the lowest levels since September. The decline in transaction fees on the Ethereum network is also causing a decline in platforms that offer a layer 2 solution for the network and allow for lower cost crypto asset sending. Among the platforms that currently offer a Layer 2 solution for Ethereum, the fee for sending ETH via Loopring can be as low as $ 0.13.
Although the transmission fees on the Ethereum network have decreased, they remain higher than other networks. For example, on the Bitcoin network, shipping costs an average of $1.2, while transaction fees remain lower on other networks such as Binance Chain, XRP, Terra, Cardano, Solana, and Avalanche.