The average transaction fee on the Ethereum network has dropped to $3.7, its lowest level since December 2020, according to data provided by BitInfoCharts.
Over the past two weeks, the average fee on the network of the second largest cryptocurrency on the market has fallen by 83%. This indicator has been declining since the drop in the prices of major cryptocurrencies last May 19.
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The cryptocurrency reached an all-time high in early May by growing to $4,300, however, during the second half of the month, the cryptocurrency fell to $1,700. Currently, the altcoin is trading at $2,814 with a market capitalization of $327 billion.
As the fee on the Ethereum network soared to $1,300 in May, the miners of the currency managed to earn record daily revenue of $114 million. Ethereum miners earned $2.35 billion in May, nearly $1 billion more than Bitcoin miners earned during the same period.