In the last three weeks, transaction fees on the Ethereum network have seen a steep increase of 219%.
Currently, the average fee on the network is $6.64, a significant jump from the mid-October fee of 0.0013 ETH or $2.7.
According to data from Bitinfocharts, transaction fees on the Bitcoin network are also on the rise. Last week, fees reached a high of $15 but have since decreased. In early November, Ethereum fees surged to $10.52, but have since dropped below $7.
In decentralized finance protocols (DeFi), fees have reached as high as $27.77 to $28.5. Meanwhile, in the market for tokenized collections (NFTs), the network fees have risen to $47-48.
On Sunday, the average cost of sending funds between blockchains ranged from $8.93 to $9.17. The daily number of transactions on the Ethereum blockchain has also increased to 1.071 million.
The price of Ether is still maintaining above $2,000, reaching this milestone for the first time since April 2022.
