Bitcoin (BTC) and Ethereum (ETH) fees have rapidly decreased this week, due to the cooling of the speculative frenzy around digital assets, according to a prominent crypto analytics firm. Market intelligence platform IntoTheBlock has reported that the total fees associated with the crypto king and the leading smart contract platform have dropped by 32% and 24.4%, respectively.
The effects of the cooling frenzy have been further amplified by the decrease in trading activity, as the number of daily transactions for both cryptocurrencies has dropped, reaching low levels unseen in months. This has caused miners to lower their fees in order to attract more users, leading to a general decrease in the network fees.
In addition, Ethereum’s shift from a Proof of Work consensus mechanism to a Proof of Stake with the launch of Ethereum 2.0 has also reduced the cost of using the network.
The reduction in network fees is certainly positive news for those using the various crypto networks as it could lead to increased usage of digital assets.