Ethereum Gas Fees Fall to 6-Month Low Amid Sparse Network Activities
Ethereum (ETH) has recorded a new 6-month low in its gas fees. Along with the rest of the cryptocurrency market, Ethereum recently suffered a significant crash both in price and market capitalization since it touched a new all-time high at $4,370 in May. At press time, the second-largest cryptocurrency trades at $2,030, up by 2% today.
Ethereum is famous for its highly-utilized blockchain, with thousands of decentralized finance (DeFi) Smart Contracts and DApps operating atop it. That said, as Ethereum gained more prominence as a leading cryptocurrency ecosystem, mining activities skyrocketed, driving transaction fees along with it.
According to Bitinfocharts, the ETH gas fee is at $2.3 currently. This price point is a massive drop from its all-time high of $69.9 in May.
Meanwhile, there is…
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