The “black Saturday” for the crypto money industry is still going on, and the sudden depreciation of Bitcoin by over 15% has of course affected the entire crypto money industry.
While such a sharp fall of the leading cryptocurrency devastated altcoins, Ethereum actually seems to have declined proportionally much less.
It was not overlooked that ETH started to gain strength in ETH/BTC parity. Despite this, investors of altcoins on the Ethereum network are in complete panic and transaction fees are breaking records for this reason.
Crisis in Ethereum Network
In the moments when the decline and volatility in the crypto money market were at their worst, users who wanted to close their positions or sell as soon as possible blocked the Ethereum network. Investors who wanted to raise transaction fees and choose the miners themselves when the network got clogged led to a serious transaction fee crisis this time around.
Gwei soon hit the 1,000 limit, which means record transaction fees for the smallest trade. Gas prices have now returned to normal after such a steep rise and are trading at an average of 150 Gwei.
Ethereum price dropped 20% in the morning, while other altcoins on the Ethereum network fell much harder. Considering the Uniswap volume in particular, the fact that this is close to a record shows that many people are trying to make heavy sales.
As of now, transaction fees have decreased to an average of $ 7, and the average of $ 60 in the morning is behind.
*Not Investment Advice.