Cryptocurrency
Warning: Ethereum Gas Prices Go Through the Roof Amid Bitcoin Crash
As reported on NewsBTC, “It appears that the bona fide price crash in Bitcoin isn’t only affecting the market; indeed, Ethereum’s transaction fee market, too, has been adversely affected by this latest bout of crypto carnage. “According to data from ETHGasStation, a website tracking the transaction fees for ETH, the price of Gas, effectively computational power on the distributed […]
As reported on NewsBTC, “It appears that the bona fide price crash in Bitcoin isn’t only affecting the market; indeed, Ethereum’s transaction fee market, too, has been adversely affected by this latest bout of crypto carnage.
“According to data from ETHGasStation, a website tracking the transaction fees for ETH, the price of Gas, effectively computational power on the distributed Ethereum network, has gone through the roof.
“Gas prices measured in gwei (units of ETH, like a satoshi is to Bitcoin) have hit 100, meaning that the cost of sending the most basic of transactions in the next block will cost upwards of $0.30, fees that have not been seen in a while.
“Cryptocurrency analytics firm Glassnode has corroborated this, finding that per their data, the median price of gas for the day has hit 29 gwei — ‘the highest it’s been in over a year.’”