After the ether token surged past the $1,000 mark on January 3, the average transaction fee on the network similarly soared to a new all-time high (ATH) of $17.41, some 24 hours later. Although the average fee has since retreated, data on January 8 shows that the latest average fee at $9.79. This figure still well above the $3.56 seen on the first day of the new year.
Resurgent ETH fees
Before the new ATH, the Ethereum network’s previous highest average fee of $12.54 was recorded on September 1, 2020. At that time, some crypto enthusiasts attributed this surge to the decentralized finance (defi) hype. However, as the defi mania began to dissipate, ETH transaction fees gradually dropped.
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However, as recent data shows, the network’s transaction fees, which averaged less than $5 for much of Q4 of 2020, have now stayed above $9 for all but two days of January 2021. This return of high fees on the