The average transaction fee for Ethereum is rising to $51.45 this Saturday (30), according to data from the BitInfoCharts website . The numbers show an increase of 2.293% since the end of June .
Just seven days ago, the average cost charged to transact on the network was $22.52. October was a particularly temperamental month for Ethereum gas rates. On October 15th, the average rate was US$45.74, almost double the value of the first day of the month: US$23.79.
The price of Ethereum transactions has fluctuated since the hard fork London took place in August, but despite unusual variations — often between days — gas rates on the network are trending upwards.
It is important to note that BitInfoCharts provides a value based on the average transaction rates recorded for the previous day. On Etherscan , the real-time transaction fee is around $44.33 at the time of writing this article.
Transaction fees get more expensive when demand for Ethereum increases. Last week, ether and Bitcoin (BTC) prices took off, with both currencies setting new all-time highs midweek.
Since then, the price of Bitcoin has dropped from $66,930 to $61,360, down about 8%. The Ethereum, which on Friday set a new all-time high of $4,456, is also down this Saturday, at $4,290, 3.8% below the record.
The two industry-leading cryptoactives typically exhibit similar price movements. The combined capitalization of the global cryptocurrency market is $2.63 trillion. Bitcoin alone commands $1.1 trillion of the total value, with Ethereum in second place, representing a respectable half a trillion dollars.
The jump in Ethereum’s average trading rate from last Saturday to today correlates with trading volumes over the past seven days. Last Saturday, US$ 14.7 billion in ether were traded, while yesterday the number rose to US$ 26 billion.
The explosive price performance of Ethereum and the surge in trading last week, in addition to reflecting overall good momentum in the crypto market, can also be attributed to the excitement surrounding the latest update of the ETH network.
The update of Altair is a step towards the Ethereum 2.0 – the new version of the network that arrives next year faster, ecological, economical and safe.
The improvements brought by Altair were activated on the main network last Wednesday (27th) and arrived to help Ethereum take another step towards its change of consensus mechanism.
Today, the cryptocurrency network is based on consensus proof of work (PoW) — where miners with the most computational power validate most transactions.
As of Ethereum 2.0, the network is based on proof of participation (PoS), where community members validate transactions by locking ether in staking .
Of course, the network still has a little way to go before it can deliver on its promises of cheaper gas rates. Still, today’s price performance is a strong indicator that many are embracing Ethereum and its ecosystem.