Ethereum gas fee at the lowest!
Ethereum Gas price measured in GWEI has fallen to a new record low. This is shown by data from the chart analysis company Coin Metrics. While the average gas price was regularly between 150 and 200, it has been between 15 and 30 GWEI since the end of May. That the price drop is related to the recent Ethereum crash seems obvious at first.
However, data from Coin Metrics shows that the gas price had already fallen before the ETH crash. As Ethereum price and gas price progression show, gas prices were already falling at the end of April.
Declining network congestion reason for low Ethereum gas prices
The classic market principle of supply and demand also applies to the Ethereum Gas price. ETH is currently struggling with little demand, which strongly affects price development. At the end of April, the gas limit was raised from 12.5 million to 15 million GWEI per block. This allows more transactions to be processed in each block, causing the statistical demand value to drop. But falling demand is not the only reason for the current record low.
The Ethereum Gas pricing mechanics work on pay more, pay the first basis. The more GWEI you are willing to…
