Fees in Ethereum and Bitcoin networks reach monthly highs

Over the last 24 hours, users reported high transfer fees in Bitcoin and Ethereum networks — in some cases fees exceeded $200. 

bull market gas is back pic.twitter.com/qRaEacu7V9

— Nansen ? (@nansen_ai) November 9, 2023

“Bull market gas fees have returned,” analysts at Nansen said.

According to BitInfoCharts, at the time of writing the average transaction fee on the Bitcoin blockchain is around $15. While the figure is not the highest, it is the highest since May.

For Ethereum, the average gas fee stands at about $11.50 — a record since July.

One user on X noted that the Solana network charges a total of only 1.2 SOL (~$55) per minute for transfers, while a single Ethereum transaction costs around $60.

Lol $SOL charged only 1.2 Sol ($55-$60) per min in TOTAL fees for the ENTIRE SOYLANA PLANET

while the median gas fee on $ETH spiked to 160+ gwei, charging each poor ethereum user US$60 fees PER transaction

?

Mental illness imwo pic.twitter.com/WAtxjk1gzH

— Bobby Apelrod / / nicefeet.sol (@tofushit888) November 9, 2023

“Currently, PulseChain gas fees are 4,000 times cheaper than Ethereum’s and 14,000 times cheaper than Bitcoin’s,” отметил KaisaCrypto.

Despite revived debate about the need to scale networks, Cyber Capital founder Justin Bons argues that the base layer remains the only viable environment for making transactions.

L2s are a terrible replacement for L1 scaling

In fact, L2s do not scale the L1 at all; if anything L2s compete with the L1 over fees

Weakening the security & economics of the L1

All while delivering worse UX, lower security & fragmenting liquidity

“L2 scaling” is parasitical!

— Justin Bons (@Justin_Bons) October 28, 2023

«L2 — a terrible substitute for scaling L1. In fact, L2s do not scale L1 at all. At least, L2s compete with L1 because of fees», he added.

Earlier, Ethereum breached the $2000 level, which sparked a rise in gas prices. One of the possible drivers of the rally could have been a filing on the network for a spot Ethereum ETF from BlackRock (iShares Ethereum Trust).

On the same day, Bitcoin crossed the $37,000 mark.