Ethereum gas prices fall to their lowest point since August 2021

Additionally, data indicate that the average gas price on Ethereum has been quickly declining since the beginning of the year, plummeting from 218 Gwei on January 10 to 40.82 on March 9.

Gas prices for Ethereum (ETH) transactions have decreased to their lowest level since August. However, they are not inexpensive.

According to statistics from Coinmetrics and released by CryptoRank Platform, the seven-day moving average cost of an Ethereum transaction was $11.14 on March 9, returning it to levels seen in mid-last year before surging to as high as $55 in late 2021.

At the time of writing, network congestion seems to be negligible, with Etherscan statistics predicting gas prices to range between 30 Gwei ($1.53) for low-speed confirmations and 32 Gwei ($1.64) for high-speed confirmations.

Additionally, Ycharts data indicates that the average gas price of Ether has been significantly declining since the start of the year, plummeting from 218 Gwei on January 10 to 40.82 Gwei yesterday.

While Ethereum’s nonfungible token (NFT) and decentralised finance (DeFi) sectors are expected to expand rapidly in 2021, the network has come under criticism on many occasions for its exorbitantly high gas prices.

Congestion reductions and fee reductions tend to be associated with a decline in speculation or interest in NFTs and DeFi in the start of this year, as opposed to late 2021.

In the previous 30 days, DappRadar data indicates that nine of the top ten Ethereum markets have witnessed lower trade volume, with LooksRare and OpenSea losing 78.27 percent and 34.75 percent, respectively. Other major losses include 73.29 percent and 80.65 percent for SuperRare and Rarible, respectively.

Ethereum-based DeFi is also suffering, with eight of the top ten projects in total reporting a decline in total value locked (TVL) and native asset token pricing over the last month.

Also Read: According To WazirX CEO, India’s Crypto Tax Would Result In Government Loses