Ethereum fees have been the topic of conversation lately, as they can get too high to make transacting affordable — is there a best time to transact?
We've got some time before Ethereum fees get cheaper.
Transaction fees on the Ethereum network have been increasing rapidly since late July 2020, when “the Summer DeFi Boom” visibly started. But the network congestion caused by increasing demand in DeFi did not end with the summer — it has only gotten worse. On Jan. 4 of this year, Ethereum fees reached an average of $17.44 per transaction.
And while Ethereum has started tackling the issue — the transition to a faster proof-of-stake mining algorithm could take years to complete.
In the meantime, it’s best to avoid 2-6PM UTC.
We broke down daily Ethereum fees by the hour, to highlight the best times to transact per region.
The box plot above shows average fees per day in 2020 for every hour. The bars are where most of the data falls. The black dots are outliers.
The data clearly shows fees are at their highest between 2-6pm UTC.
The best times to transact are instead between 1AM-3AM, 5AM-8AM, and 9PM to 11PM UTC.
Who Is Causing These Spikes in Fees?
💸 Whales or Smaller Wallets?
By looking at the transactions happening on Ethereum, we were able to find that Ethereum whales were transacting far more than smaller wallets. We defined whales as wallets that held over 20 ETH (~ USD 26,600 at the time of writing) throughout 2020. These larger wallets’ transaction activity coincided throughout with fee surges (first graph above).
🌍 Where Are They Located?
We also checked to see if accounts in Asia were more active than in North America, and we found that both regions have about the same amount of activity.
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The bars are where most of the data falls. The black dots are outliers. The data clearly shows fees are at their highest between 2-6pm UTC. The best times to transact are instead between 1AM-3AM, 5AM-8AM, and 9PM to 11PM UTC.
Experts say the best time of day to buy cryptocurrency is early in the morning before the NYSE opens since values tend to rise as the day goes on. Be sure to pay attention to slight daily fluctuations across different cryptocurrencies since trends will vary from coin to coin.
EthereumPrice provides a useful tool to help you work out when the gas price is at its lowest. As you can see, the gas price tends to be a lot lower after midnight on the weekend and is generally at its lowest at around midday every day.
Cryptocurrencies are most commonly traded between 8am to 4pm in local time. While the crypto market is 24/7, your trades are more likely to be executed when there is the highest level of activity.
When are the Ethereum gas fees the lowest? Between 2 and 6 PM UTC, Ethereum transaction fees are the highest. The best times to do Ethereum transactions are early in the morning, between 1:00 and 2:00 UTC, or late at night, between 9:00 and 11:00 UTC.
Saturday and Sunday are usually the cheapest days to send Ethereum transactions, while the early hours (midnight to around 10 am) are the most cost-effective time to transact.
The MN1 (1 month) time frame provides the broadest perspective on market trends, suitable for long-term investors and trend followers. Traders analyze monthly charts to identify major trend reversals and plan trades with extended holding periods spanning months to years.
As the pioneering smart contract platform, Ethereum benefits from high liquidity and substantial trading volumes. Its price movements are often significantly volatile, making it an appealing option for day traders.
Our real-time ETH to USD price update shows the current Ethereum price as $2,281.64 USD. Our most recent Ethereum price forecast indicates that its value will increase by 3.96% and reach $2,372.08 by September 11, 2024.
To start earning Ethereum online, you can set up an Ethereum wallet for transactions, explore mining options, participate in staking and faucet programs, engage in airdrops and bounty programs, play games or freelance for Ethereum, utilize referrals and lending platforms, trade cryptocurrency, or complete microtasks.
Bitcoin is primarily a store of value, while Ethereum is functional, enabling the execution of applications and smart contracts. Bitcoin uses Proof of Work (PoW), while Ethereum transitioned to Proof of Stake (PoS) in 2022 for faster and more energy-efficient processing.
The average transaction time on Ethereum can range from 13 seconds upwards to 5 minutes, depending on how congested the network is at the time of the transaction, as well as the gas fee which has been paid by the person making a transaction at the time.
If you invest $100 in Ethereum today. If you invested in Ethereum in October of 2023, you would have doubled your money by March of 2024. Because in October of 2023, the price of Ethereum was $1,815.13, and just five months later, it had reached $3,634.67 or what is basically a 100.2429% increase.
Introduction: My name is Mrs. Angelic Larkin, I am a cute, charming, funny, determined, inexpensive, joyous, cheerful person who loves writing and wants to share my knowledge and understanding with you.
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