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.
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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When is the best time to make an ETH transaction? Now, fees might always be in every transaction you make but here's the good news: there's always the best time to carry off your transactions. If you want to save a bit of money from fees, you may want to consider trading between 12 AM and 4 AM (EST).
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.
While the crypto market operates 24/7, there are certain periods that tend to see higher trading volume and price volatility. 🌞 Daytime Trading: During the daytime, especially between 9:00 AM and 4:00 PM UTC,trading activity tends to be higher.
What is the best day to buy Ethereum? The best day to buy Ethereum is Wednesday, with the currency showing 0.584% average gains. Monday is a close second, thanks to an average daily increase of 0.547%.
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.
Crypto traders have long debated the best time to trade cryptocurrencies. According to data from on-chain data provider Skew, 3 - 4 PM UTC is when cryptocurrency trading is most intense.
Ethereum gas prices vary a lot, even from one hour to another. Statistically, it's been shown that the lowest gas prices can be found in the mornings and on the weekends.
Most cryptocurrency trading commonly occurs between 8 a.m. and 4 p.m. UTC, and while the markets remain open 24/7, most trades are executed during this period. There may still be activity outside of this timing, but it will be lighter, and you could find it more challenging to open and close trades.
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. Outside of these hours, when trading is lighter, it can be more difficult to open and close trades.
Although you can trade cryptocurrencies at any time of day, the market is more active during typical work hours and less active early in the morning, at night, and on the weekends.
At a price of $166,000, six ETH would be worth roughly $1 million. Currently, six ETHs cost around $20,000. For reference, the entire market cap of the S&P 500 is roughly $40 trillion. Additionally, the entirety of the world's above-ground gold reserves are estimated to be worth around $16 trillion.
Investing $100 in Ethereum is a small entry point into the Cryptocurrency market. While there's potential for high returns, Ethereum's price is volatile. Researching Ethereum's technology and the broader market is crucial. Consider dollar-cost averaging to minimise risk.
For example, if you invested $25,000 in a particular coin, you might sell 20% when your portfolio reaches $50,000, 30% when it reaches $75,000, and so on. A popular strategy is the “house money” approach: When your investment significantly increases, cash out your initial investment and let the profits ride.
It is always on the list of top crypto day traders. One of the main reasons why ETH is popular is because of its high liquidity, which means there are buyers and sellers always available on the market, making traders enter and exit quickly.
Prices are lower when the market is less busy. Although you can trade cryptocurrencies at any time of day, the market is more active during typical work hours and less active early in the morning, at night, and on the weekends. Generally, cryptocurrency prices start low on Monday and rise throughout the week.
Our real-time ETH to USD price update shows the current Ethereum price as $3,267.16 USD. Our most recent Ethereum price forecast indicates that its value will increase by 1.25% and reach $3,308.01 by July 30, 2024.
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