Ethereum [ETH]: Rising gas fees affect not just the real world, but Web3 as well

Rising gas prices could affect Ethereum. NFT trades decline, but traders show optimism. As the Ethereum [ETH] network continues to grow, new data has revealed an alarming trend. Gas fees on the Ethereum network have been steadily increasing since the network’s recent merge. This rise in gas prices might hinder the adoption of Ethereum, as […]

. As the cost of transactions increases, fewer users may be willing or able to take part in the network, leading to a decline in active addresses.The cost of transactions also varies depending on the type of transaction, with the highest gas prices seen for Ethereum

transactions. This has contributed to a decline in interest in Ethereum NFTs, as the cost of creating and trading these digital assets becomes increasingly prohibitive.Despite the challenges posed by the rising gas prices, there are some signs of optimism on thenetwork. One of these is a surge in the velocity of ETH, indicating that the frequency with which ETH is being traded amongst addresses has increased.

At the same time, the MVRV ratio declined, meaning that most Ethereum holders would not make a significant profit if they were to sell their holdings at this time. This reduced the sell pressure on Ethereum and made it less likely that the price will drop in the future.Additionally, traders were becoming increasingly optimistic about Ethereum as long positions on the network increase. According to Coinglass, over 52% of all positions on Ethereum were long positions.

While these rising costs could potentially limit the network’s adoption, there are also indications of growing optimism and stability in the network. Only time will tell whether these positive developments will outweigh the challenges posed by the rising gas prices.Subscribe to get it daily in your inbox.

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