Ethereum fees have significantly decreased, indicating positive prospects for the famous cryptocurrency. The average transaction fees have returned to normal levels, dropping by almost 70% (69%, to be more precise) in just 25 days, as Finbold reveals.
The new decline promotes wider adoption and usage of the Ethereum network, as lower fees make it more affordable and accessible for those who are willing to invest. Furthermore, there has been a rise in self-custody, with a decrease in the percentage of Ethereum supply held on crypto exchanges. This trend reflects security concerns related to trading platforms and a preference when it comes to holding assets independently.
The decreasing supply on exchanges proves a high level of confidence from Ethereum holders. In general, the decline in fees and the shift towards self-custody signify positive developments for the network adoption and user engagement of Ethereum.
Ethereum could surpass $50,000
An investment management firm, well-known as VanEck, forecasts that Ethereum (ETH) could achieve a value of $51,000 in the next few years, but only under certain conditions, as another article from our publication revealed just a few days ago.
VanEck explained:
We base these estimates on the thesis that Ethereum becomes the dominant open-source global settlement network that hosts substantial portions of the commercial activity of business sectors with the highest potential to gain from moving their business functions to public blockchains. In a portfolio of similar smart contract platforms, we assume to own a collection of call options, with the dominant platform likely to take a majority market share.
Ethereum generally remains one of the most influential and widely adopted blockchain platforms, as it serves as the foundation for countless DApps, decentralized finance projects, and even non-fungible tokens (NFTs). The cryptocurrency’s impact on the blockchain and cryptocurrency space has been profound, shaping the way people perceive and interact with digital assets and decentralized applications.
