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Price Surge in Ethereum Causes Gas Fees to Skyrocket

Ethereum has recently experienced a significant price rise, reaching $3,600, leading to a sharp increase in gas fees due to heightened network activity.

The surge in gas fees, as reported by Etherscan, surpassed 174 gwei by midday on Monday, resulting in substantial costs for traders conducting transactions within Ethereum’s ecosystem.

This rise in fees has had a notable impact on various activities, with the cost of completing a typical NFT transaction on Ethereum exceeding $372.29 during peak times on Monday.

Similarly, Ethereum’s token swaps and borrowing transactions have seen prohibitively high costs, with transaction fees reaching upwards of $220 and $186, respectively. Bridging funds to another blockchain has averaged over $70 in transaction fees.

Uniswap, a prominent entity in the Ethereum ecosystem, has been identified as the largest gas consumer, with over $4.2 million worth of ETH burned in transactions in a single day. This fee increase coincides with significant value surges in cryptocurrencies and NFTs, with Ethereum hitting a milestone of $3,500 for the first time since early 2022 and a CryptoPunks NFT selling for over $16 million worth of ETH.