Ethereum Average Transaction Fee (2024)

Greetings, enthusiasts of cryptocurrency and blockchain technology. I come to you as an avid explorer of the digital frontier, deeply immersed in the world of decentralized finance and blockchain ecosystems. My journey includes extensive research, active participation in blockchain communities, and a hands-on approach to understanding the intricate details of various cryptocurrencies. Today, I bring you a comprehensive analysis of the Ethereum Average Transaction Fee, specifically focusing on the data provided for December 18, 2023.

Let's delve into the wealth of information embedded in the provided article:

Ethereum Average Transaction Fee Overview:

1. Current Value (Dec 18, 2023):

   • Ethereum Average Transaction Fee stands at 1.320 USD per transaction.
   • This represents a substantial increase from the previous day's value of 0.8912 USD, marking a 48.08% change.

2. Year-over-Year Comparison:

   • Compared to the same date one year ago (Dec 18, 2022), the Ethereum Average Transaction Fee has experienced a remarkable surge.
   • The fee is up by an astounding 269.9% from one year ago, where it was at 0.3568 USD.

3. Measurement and Context:

   • Ethereum Average Transaction Fee measures the average fee in USD when an Ethereum transaction is processed by a miner and confirmed.
   • It provides insight into the cost users incur for utilizing the Ethereum network.

4. Historical Data:

   • The historical data spanning from November 24, 2023, to December 18, 2023, showcases the fluctuating nature of Ethereum transaction fees.

Additional Information:

5. Frequency and Unit:

   • The data is presented on a daily basis, and the unit is denominated in USD per Transaction.

6. Data Source:

   • The information is sourced from Etherscan, a reputable platform known for providing Ethereum blockchain data.

7. Average Growth Rate:

   • The article mentions an average growth rate of 2.74K%, underlining the dynamic nature of Ethereum transaction fees.

8. Related Indicators:

   • The article provides a broader context by offering related indicators in the cryptocurrency space.
   • Notable mentions include Bitcoin Average Cost Per Transaction, Bitcoin and Ethereum Prices, Bitcoin Transactions Per Day, Litecoin Price, XRP Price, and more.

Comparative Analysis:

9. Bitcoin Transactions Per Day:

   • The article includes data on Bitcoin Transactions Per Day, which is reported at 640,936.0 transactions.

10. Bitcoin and Ethereum Prices:

    • Bitcoin Price is indicated at $42,684.18 USD, emphasizing the contrasting dynamics between two major cryptocurrencies.
    • Ethereum Price is reported at $2,216.93 USD.

11. Other Cryptocurrency Prices:

    • Bitcoin Cash Price is mentioned at $228.00 USD.
    • Litecoin Price is noted at $70.80 USD.
    • XRP Price is provided as $0.6125 USD.

Insights and Observations:

12. Periods of Congestion:

    • The article highlights that average Ethereum transaction fees can spike during periods of congestion on the network.
    • It draws a parallel to the 2017 to early 2018 crypto boom when fees reached around $3 USD.

13. Average Growth Rate Perspective:

    • The staggering 2.74K% average growth rate indicates the significant evolution of Ethereum transaction fees over the specified period.

14. Comparative Value Context:

    • The provided data enables a comparative analysis, offering insights into the relative positions of Ethereum and other major cryptocurrencies in terms of transaction fees, prices, and transaction volumes.

In conclusion, the presented information provides a comprehensive snapshot of Ethereum's transaction fee landscape, offering a nuanced understanding of the current state and historical evolution. As we navigate the ever-changing currents of the blockchain space, this data serves as a valuable compass for enthusiasts, investors, and analysts alike.