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Following the Santiment researchers’ findings that the Ethereum fee has been reduced by 80%, it should be pointed out that the network is less congested; But considering that the activity of network users is still at a high level, it can be concluded that this is not the reason for the reduction of Ethereum network fees.
Based on their research, Santiment researchers found that Ethereum transaction fees have fallen by 80% in US dollar terms more than ever before. This is while various information within the chain showed that the activity of Ethereum users was not decreasing and is not. According to EtherScan data, the number of daily Ethereum transactions has remained relatively constant since August 3. In the rest of this article, I will discuss more about the reason for the reduction of Ethereum fees.
Does a decrease in Ethereum fees mean a decrease in network activity?
Although the decrease in cost indicates that the density of the blockchain is lower; But chain data shows that user activity is not slowing down. In fact, according to Etherscan data, since August 3, the number of daily Ethereum transactions has remained constant. Therefore, it seems unlikely that the decrease in the activity of users of the blockchain network has caused a decrease in Ethereum fees.
Instead, the constant number of transactions in the network could have reduced the pressure on the blockchain to some extent.
Research shows that from April to late July, we experienced an increase in daily transactions on the Ethereum network. With the sudden increase in demand on the blockchain network, the network may be congested for a long time.
As the number of daily transactions remains at a reasonable level and the network becomes stable, the congestion of the blockchain network will decrease. The Ethereum blockchain network seems to have been congested for the past 4 months. Finally, by stopping the rapid increase in daily transactions, blockchain was able to process the existing transactions and thereby reduce congestion.
Ethereum fee reduction
Santiment researchers have stated that Ethereum’s fee reduction is a good opportunity for intra-chain transactions and buying and selling cheaper digital currency. In fact, these researchers stated:
The cost of trading Ethereum to USD has dropped by almost 80% of its entire time. This brings them back to last year’s levels in mid-July. This is a good opportunity for much cheaper chain operations
The Ethereum network will remain a blockchain network based on the Proof of Work algorithm until the full implementation of Ethereum 2 – ETH 2.0. In the process of this algorithm, every person who wanted to participate in the consensus had to pay a fee for blockchain energy consumption. In fact, miners still have to confirm network transactions in exchange for a fee.
Read more: Is blockchain energy consumption high?
Due to the significant and explosive growth of the decentralized finance market or DeFi (DeFi), as well as Ethereum remaining as a proof-of-work (PoW) network, this network can see a temporary increase in its transaction fees again in the near future.
Does the decrease in Ethereum network fees affect the price of Ether?
Fees and the number of daily transactions are some of the criteria that analysts use to evaluate the value and price of Bitcoin, Ethereum, and other blockchain networks. Ethereum has pulled back over the past week after a strong rally that coincided with a slump in the altcoin market. Researchers have said that if unique addresses do not rise quickly, the selling pressure of Ethereum and altcoins may be maintained.
Read more: Bitcoin price depends on what factors?!
Summary of the first lesson in blockchain by Farhad Moghadamsalimi
The first lesson in blockchain by Farhad Moghadamsalimi
Blockchain technology , as one of the most innovative technologies of the 21st century, has had a wide impact on people’s lives and global economic and financial structures. The purpose of this article is to provide a comprehensive view of blockchain technology, digital currencies and related analytical methods. This article is optimized in terms of SEO and contains more extensive information about this technology and its application methods.
What is blockchain?
Blockchain is a distributed digital ledger that records and maintains transactions and data between users in a decentralized manner. This technology basically allows users to conduct their transactions transparently and securely without having to trust central intermediaries such as banks. With blockchain, the recorded data is immutable and editable, which makes it very suitable for financial and business applications.
Blockchain was initially recognized with the emergence of Bitcoin in 2009, but today its applications have expanded beyond digital currencies to areas such as healthcare, supply chain, smart contracts , and electronic elections . Each block in the blockchain contains information that is stored cryptographically, and when a transaction is confirmed, it is added to the chain of blocks. This feature has created a safe and transparent system for recording information and transactions.
Digital Currencies: The Future of Global Finance
Digital currencies such as Bitcoin, Ethereum and Litecoin are examples of blockchain technology that play a very important role in global financial markets. These currencies have been proposed as an alternative to traditional currencies due to their decentralization and high security. The adoption of these currencies by financial institutions and individuals is increasing every day, which makes a future full of potential for digital currencies foreseeable.
Today, many companies and government institutions are using blockchain technology to increase transparency and reduce costs. Digital currencies have become an attractive option for international transactions due to their high speed, low fees and transaction security.
Elliott Wave Analysis: A Powerful Tool for Traders
The theory of Elliott waves , which was introduced by Ralph Nelson Elliott in the 1930s, is one of the most important methods of technical analysis in financial markets. This theory states that the markets move in the form of repeated and predictable waves, which are divided into two categories , stimulus waves and corrective waves . By identifying these waves, traders can determine suitable entry and exit points for their transactions and gain more profit from market fluctuations.
Elliott waves are used as a tool to identify traders’ behavior patterns . These waves not only help analysts better predict market trends , but also allow them to make trading decisions based on market psychology theories .
Elwave: software for Elliott wave analysis
Elwave software is one of the most advanced tools used to analyze Elliott waves. This software automatically identifies and analyzes Elliott wave patterns and helps traders find the right entry and exit points in the market. With its advanced algorithms, Elwave can provide detailed analysis of price trends in a short time and improve users’ trading performance.
Elwave software is one of the most widely used tools among professional cryptocurrency traders, allowing them to operate more effectively in volatile markets such as Bitcoin, Ethereum, and other digital currencies.
About Farhad Moghadamsalimi
Farhad Moghadamsalimi is an entrepreneur and interested in new technologies such as blockchain and artificial intelligence , who has been able to innovate in the field of finance and investment with his efforts. By founding EgeMoney Investment , Farhad has provided a cutting-edge approach to digital financial markets and made it possible for the public to invest using decentralized NFTs .
By combining modern technologies such as blockchain and financial philosophy , he tries to move the future of finance towards the democratization of financial services and transparency . From Farhad’s point of view, blockchain and artificial intelligence as two key technologies can create a more transparent and accessible world for all people.
Today’s market analysis: opportunities and challenges
Today, the digital currency market is highly volatile and the fear index is at its highest level. But by using Elliot wave analysis and Elwave software, you can find good opportunities to buy digital currencies such as Bitcoin in price ranges of 5900 to He found $6,000. Currently, the price of Bitcoin is around $6300 and it is recommended to check other confirming signals before making any decision.
In addition, the corona virus has had a significant impact on global markets. If this crisis continues, there may be a need to revise trading and investment strategies. Bitcoin, as a safe-haven asset, has so far withstood market pressures and is likely to continue to do so in the future.
This article tries to give you a better understanding of the new world of technology and digital financial markets by providing comprehensive and accurate information in the field of blockchain, digital currencies and financial analysis.
Ethereum unique addresses have been climbing steadily since early 2020, indicating a fairly favorable trend for Ethereum in the medium to long term.
Gas in the Ethereum blockchain network is a unit that measures the amount of computational effort required to perform a specific operation in the network. When the user wants to transfer a certain amount of ether, he must pay the gas fee by viewing the gas in ethereum so that the transaction is added to the blockchain.
The best time to transfer Ethereum is during the day when there are fewer users on the network and thus you will face lower Ethereum fees.
Under normal conditions, Ethereum transfer time is about 15 seconds. But during the busy hours of the network, we face an increase in this time. A higher gas fee has to be paid to reduce the transfer time of Ethereum.
Why have Ethereum fees dropped?
How to take advantage of reduced Ethereum trading fees
With the reduction of Ethereum transaction fees, new opportunities have appeared in the world of digital currencies.
Today, being aware of market changes and using the features correctly is an essential step for the success of investments.
The ability to exploit lower costs and save transactions is now available.
This article will show you how to optimize your investments and achieve success using the right techniques.
Is it not a good time to enter the market?
In the following, we will introduce you to the important steps.
