Rising Ethereum fees are not a major concern for users
Costs rising rapidly
The average transaction fee for Ethereum (ETH) has risen sharply recently, reaching 12 times its level at the end of August. While Ethereum prices have been boosted by Bitcoin (BTC) crossing $64,000, the increase in network activity has not kept pace with rising fees.
Price and fee relationship
While the price of Ethereum has increased by 17.69% since September 16, the significant increase in transaction fees remains a concern. For example, the average fee on August 31st was $0.29 and by September 24th it had risen to $3.61. The average fee is now down slightly to $2.18.
Not enough network activity
Although the number of transactions increased by about 10%, daily active addresses and network growth have been trending downward over the past three weeks. This suggests a lack of network activity cannot explain the rapid rise in fees.
user attitude
Despite rising fees, users appear willing to pay higher priority fees for faster transactions, especially as activity such as NFT minting increases. This attitude may have lessened users' concerns about rising fees.
