Overall the last three weeks, the transaction costs for bitcoin (BTC) have climbed sharply, reaching a peak of $15 per transfer just three days ago. Similarly, the cost to transfer ethereum (ETH) has jumped significantly. In the span from October 22 to November 12, 2023, the average fee for ethereum transactions soared by 219%, increasing from $2.08 to $6.64 per transaction.
The spike in ethereum (ETH) fees mirrors the uptrend seen in bitcoin’s transaction fees, as the expense associated with the gas required for transferring the digital currency has escalated in this period. At present, the average fee for an ether transaction stands at $6.64, with the median fee at 0.0013 ETH, or $2.70 per transaction.
Interestingly, the cost to transfer ether aligns closely with bitcoin’s transfer fees, with both average and median charges for ETH transactions paralleling those for bitcoin. However, a distinct variance emerges when conducting other types of operations on the Ethereum blockchain, such as engaging with a smart contract.
