Should you buy Ethereum after the network’s gas fees saw a significant decrease?

Ethereum ETH/USD is a community-run technology that powers the cryptocurrency token Ether. 

It has become the home for a lot of decentralized applications due to its smart contract functionality and powers some of the most prominent non-fungible token (NFT) projects.

Ethereum’s gas fee drop as a catalyst for growth

On February 8, 2022, we covered how the ssv.network injected $10 million in ETH 2.0 staking infrastructure.

Ethereum’s average transaction fees dropped by 73% within the span of a month, where they went from costing $53.03 to just $14.17, according to data from Blockchain. 

According to the data, the average transaction fee of ETH in January was $53,03, which at its peak went as high as $70.83 as of May of 2021. However, throughout the span of only a month, these fees saw a decrease of 73% based on the chart.

Furthermore, the median transaction fee also witnessed an 81% drop from January, at which point it had a cost of $29.88. However, throughout the span of the past six months, the lowest fee was seen in September at $6.26. 

On February 1, Ethereum’s transaction count decreased from 36,851,128 to 14,574,808 within the span of a month, which is a 60% decrease.

This is the first time in the history of Ethereum where the transaction count saw such a drop within the span of 30 days.

Should you buy Ethereum (ETH)?

On February 14, 2022, Ethereum (ETH) had a value of $2,865.71.

To get a better perspective as to what kind of value point this is for the Ethereum (ETH) cryptocurrency token, we will be going over it’s all-time high value, alongside its performance throughout the previous month.

The all-time high value of Ethereum (ETH) was reached on November 10, 2021, when the token managed to reach a value of $4,878.26. Here, we can see that at its ATH, the token was $2,012.55 higher in value or by 70%.

When we go over the performance of the token throughout the previous month, we can see that Ethereum (ETH) had its highest point of value on January 4, 2022, when the token reached a value of $3,874.34.

However, its lowest point of value was on January 24, 2022, when the token decreased to a value of $2,199.92. Here, we can see that the token decreased in value by $1,674.42 or by 43%.

However, from January 24 to February 14, the token saw an increase in value of $665.79 or by 30%.

With all of that in mind, Ethereum (ETH) can reach $3,000 by the end of March 2022, making it a solid purchase.

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