The cost of a transaction in the Ethereum cryptocurrency network has reached its lowest level since 2020

For almost two years, from January 2021 to May 2022, the average fee for gas on the Ethereum network was approximately USD 40. Now, the average transaction fee on the Ethereum blockchain has fallen to 0.0015 ETH or 1.57 USD, a figure previously seen as recently as December 2020.

Interestingly, with the fall in the price of the commission, the NFT token market is also falling — the NFT ecosystem recorded its worst results for the year in June — the total number of daily sales fell to about 19,000 and the trading volume was only $ 13.8 million.

At the moment, the price of the ETH cryptocurrency is just over $ 1,000, a 70% drop over the past three months. However, there are opinions that this figure will continue to decline(to $ 700 per coin).