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Ethereum's Gas Price Has Plummeted By 80%, But It Is Still Higher Than Historical Levels
Summary: Ethereum's price has been moving lower since peaking at $447 on Monday, August 17. As the price trended down, the median Ethereum gas price also plummeted by 80% from its all-time-high on Saturday, August 22, Glassnode data shows. Hype surrounding DeFi projects which commonly build their designs on Ethereum had pushed gas prices to new ...
Ethereum's price has been moving lower since peaking at $447 on Monday, August 17. As the price trended down, the median Ethereum gas price also plummeted by 80% from its all-time-high on Saturday, August 22, Glassnode data shows.
Hype surrounding DeFi projects which commonly build their designs on Ethereum had pushed gas prices to new heights, but the recent drop has brought the cost of operating on Ethereum back within more reasonable limits. However, the post-plunge gas price is still higher than it has been historically.
Tether and rising interest in DeFi projects were the primary sources of congestion on the network. Tether recently announced it will integrate with the OMG network to ease the strain on Ethereum, but it won't be long before another project takes its place. At the time of writing Ethereum is trading at $385.
By Emily Mason
Tags: ETH,Ethereum,Ethereum Gas
Link: Ethereum's Gas Price Has Plummeted By 80%, But It Is Still Higher Than Historical Levels [Copy]
