Bitcoin and Ethereum transaction fees have dropped significantly as the crypto market decline. Over the past weeks, BTC has lost 81% while ETH has fallen 71%. According to data by Bitinfocharts, the average cost of the Ethereum blockchain usage fee was reduced from $69.92 per translation to $20.06 on 12th May. On the same day, ETH receded from its all-time high of $4,358, losing 27% to $3,183.
As of last year, the average cost for using the Ethereum blockchain was less than $0.10. However, the rapid emergence of decentralized finance apps and the wide adoption of the blockchain fueled the rapid surge of ETH transaction fees.
Generally, there has been wider adoption of Ethereum as the number of daily users has quadrupled between January last year and now.
The fall in BTC fees occurred over the last few weeks, beginning from when the top coin reached its record high in mid-April. Now, Bitcoin has corrected to $42,200 in the last 24 hours. At the time of writing, the king coin has dropped 6.23% to $43,126.
ETH has also fallen nearly 7% in the last 24 hours. The largest altcoin currently trades at $3,301. Despite their losses, BTC and ETH have advanced in their 24-hour trading figures with 54.76 % and 44.64%, respectively.