Ethereum Gas Fees Increase by 244% in Three Weeks

According to Coincu, Ethereum gas fees have surged by 244% between October 22 and November 12, 2023, reaching an average of $7.17 per transaction. The median fee for an ether transaction is 0.0014 ETH or $2.93. This increase in transaction costs mirrors the trend seen in bitcoin, as the cost for gas required in Ethereum transfers has also escalated. When it comes to other operations on the Ethereum blockchain, such as engaging with a smart contract, there is a distinct difference in fees. Exchanging an ETH-based asset on a decentralized exchange (dex) platform can incur fees ranging from $27.77 to $28.50 per transaction. Similarly, conducting a non-fungible token (NFT) transaction can cost between $46.93 and $48.16. Bridging assets across different chains on November 12 had an estimated cost of $8.93 to $9.17. From October 22 to November 12, Ethereum processed an average of approximately 1,061,288 transactions daily.