Ethereum

Momentum

Propel

Gains

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Ethereum’s NFT sales volume increased by 31% last week, causing a rise in the network’s transaction fees.</li>
 <li>Despite the rise in transaction fees, Ethereum’s overall transaction volume remains steady.</li>
</ul>
Ethereum’s transaction fees have experienced a significant decrease after the implementation of its Ethereum Improvement Proposals (EIPs).
However, there has been a minor increase in fees in recent weeks, primarily due to the surge in NFT sales and network activity.
<h2 id="ethereum-transaction-fees-hit-3-month-high">Ethereum Transaction Fees Hit 3-Month High</h2>
Data from IntoTheBlock reveals that <a href="https://coineagle.com/price/ethereum/" rel="noopener noreferrer nofollow">Ethereum</a>‘s transaction fees have recently reached a three-month high. The total weekly fees increased to $45 million, the highest since June 2024.
A detailed examination shows that daily fees began increasing around September 22nd, with volumes doubling before a subsequent decrease.
As of now, the fees have stabilized at approximately $3 million.
Similarly, Etherscan data indicates that the average transaction fee began to rise around the same time.
<h2 id="ethereum-s-nft-market-gains-momentum">Ethereum’s NFT Market Gains Momentum</h2>
The NFT market on the Ethereum network has shown signs of renewed activity.
Data from DuneAnalytics shows a slight increase in NFT trading volume in recent weeks, contributing to the rise in transaction fees.
Analysis indicates that daily NFT volume has consistently exceeded $4 million in recent days.
Furthermore, CryptoSlam reports that Ethereum had the highest NFT sales volume over the past week. The data reveals that the sales volume reached $29.3 million, a 31% increase week-over-week.
Despite the increase in fees and NFT activity, Ethereum’s overall transaction volume has remained stable.
Data from DefiLlama shows no significant spikes in total transaction numbers, except for a slight increase to 1.2 million on September 27th.
Over the past few weeks, the number of daily transactions has consistently hovered around the 1 million mark.
While Ethereum has seen a recent fee increase due to increased NFT activity, the overall network transaction volume remains stable.
This suggests that NFT sales have been a primary driver of the current fee spike.

Ethereum Network Sees Surge: NFT Sales Propel Increased Fees

Table of Contents

CoinEagle.com

Other articles published on Sep 30, 2024

Top 3 Crypto Predictions for 2025: Bitcoin to Hit $150,000, Ethereum to Double, Viral ‘Cardano-Ki...

Bitcoin: Coinbase Launches CbBTC To Conquer DeFi

Bitcoin maximalist paradox: BTC adoption threatening founding principles

Bitcoin Funding Rate Near Zero, Indicating Room for Growth

Analysis Company Shares Critical Warning: Bitcoin Miners Are Preparing for the First Capitulation...

Native USDC and Cross-Chain Transfer Protocol are Coming to Sui

Join our free newsletter for daily crypto updates!