Ethereum gas fees are 69% cheaper than the previous month, should you buy Ethereum (ETH)?

Ethereum ETH/USD is the second-largest blockchain network in terms of market capitalization and is known for its native cryptocurrency token, Ether (ETH), as well as its gas usage.

The blockchain enables secure digital ledgers to be publicly created as well as maintained. The fees on the network are known as “gas” and are paid by participants in the transactions that occur within the blockchain network.

The reduction in gas fees as a catalyst for growth

On December 15, we discussed how Ethereum’s largest contract holds $33.5 billion in ETH.

Metrics showcased that the gas fees on the Ethereum blockchain, which occur whenever someone attempts to transfer Ethereum (ETH) on-chain, or move an ERC-20 token, swap tokens, or interact with a smart contract, have dropped. 

On December 27, the average fee spent on the Ethereum network was $19.22. A few days prior to that, on December 25, it was $22.80, and on December 24, it was $23.34 per transaction.

On November 9, the transaction fee was $62.84. This means that the fee has decreased by 69.41% or by $43.62.

Aside from that, On December 21, we also saw an announcement that the Ethereum.org homepage is live in over 20 languages, which brings Ethereum in front of the eyes of a lot more people.

With the reduced fees, Ethereum (ETH) has the potential to increase in value.

Should you buy Ethereum (ETH)?

On December 27, Ethereum (ETH) had a value of $4,059.98.

To get a better perspective as to what kind of value point this is for the token, we will go over its all-time high value as well as its performance last month.

When we look at the all-time high-value point of the Ethereum (ETH) token, it occurred on November 10, when the token reached a value of $4,878.26.

Its lowest value point of the month was on November 18, when the token decreased to a value of $3,987.64. This gives us an indication that the token fell in value by $890.62 or by 18%.

However, from November 18 to December 27, the ETH token increased in value by $72.34.

According to data from IntoTheBlock, ETH saw $47.02 billion in transactions greater than $100,000 within the last seven days.

Additionally, it experienced $9 billion in total exchanges inflows, as well as $8.97 billion in total exchanges outflows.

With this in mind, Ethereum is a solid buy due to the fact that it has the potential to reach $4,200 by the end of January 2021.

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