Bitcoin and Ethereum Users Complain About Rising ‘Ridiculous’ Fees

Bitcoin and Ethereum Users Complain About Rising 'Ridiculous' Fees

While Bitcoin (BTC) fees keep rising, Ethereum (ETH) fees are also getting more expensive.

Bitcoin fees have been rising following the third halving. On May 12, the average transaction fee reached USD 2.79, the highest in ten months, jumping further to USD 5.16 on May 14. Bitinfocharts.com shows the 7-day moving average jumping since May 12’s USD 2.493 to USD 3.088 two days later.

In the same period, the median transaction fee climbed 55% – from 1.797 to 2.781. The 7-day moving average shows an increase of 25% to USD 1.814. On April 1, it stood at USD 0.366 and was 395% higher on May 14.

Median transaction fee, USD, 7-day simple moving average

“This is ridiculous,” commented Redditor ‘miciomacho’. “[Bitcoin] just doesn’t scale. 72 blocks in mempool & a median fee of [USD] 3.19 on the second block.” They added that this kind of fee wasn’t intentional by design, but rather a result of an overcrowded mempool, where all the valid transactions wait to be confirmed by the Bitcoin network. “By the way, if the mempool keeps being overcrowded the fees will keep rising because people just want priority over others to be confirmed,” the poster said.

The actual cost of a transaction on the Bitcoin network is about USD 35, argues ‘harfatum’, saying that most of it is subsidized by block rewards, “but as that diminishes the users will be forced to carry greater amounts of that burden.” Still, some people are willing to pay higher fees. ‘mysteelersrock82’ believes this is a “small price you pay for having a truly decentralized network that is also the most secure network on the planet.”

Meanwhile, “Ethereum transaction fees are ridiculous as well,” says says ‘phillipsjk’. Redditor ‘ma6ic’ also noted the crowded transactions, arguing that “if the upward trajectory continues and fomo [fear of missing out] sets in, both networks are going to chug to a halt.”

Ethereum median fees have also increased in double digits this month. The 7-day moving average is up by 82%, to USD 0.153 on May 14. Since April 1, it jumped by 337%.

___

Source: cryptonews.com

Author: By Sead Fadilpašić


Ethereum News

Ethereum News

Out of the 5 instruments in the top cryptos asset class, ethereum ended up ranking 4th for the day in terms of price change relative to the previous day.

Relative to other instruments in the top cryptos asset class, ethereum ranked 4th since yesterday in terms of percentage price change.

Until they start moding & hacking w/ digitally scarce items?

The price move occurred on volume that was up 18.49% from the day prior, but down 17.9% from the same day the week before.

The first phase of Ethereum 2.0 (ETH2) is imminent. Price may discount ETH2 phases in anticipation. Ethereum’s development history is patchy. It has missed deadlines and hasn’t been clear about its future. To the point that some crypto investors have been pessimistic about the cryptocurrency. This is understandable given how slow the network is  i.e. the network throttles at …

Out of the 5 instruments in the top cryptos asset class, ethereum ended up ranking 2nd for the day in terms of price change relative to the previous day.

We are not just doing items on-chain but our backend which is a huge deal in the blockchain gaming space.

As for how volume fared, yesterday’s volume was up 238.33% from the previous day (saturday), and up 140.25% from sunday of the week before.

Meanwhile, in ethereum circles i’m in the conversation is all about people buying staking hardware, joining the testnet and preparing for launch.

I think this fact is important for both bitcoiners and etherians to digest.

Source: www.cfdtrading.com


EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 15/05/20

EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 15/05/20

EOS rallied by 4.01% on Thursday. Following on from a 3.77% gain on Wednesday, EOS ended the day at $2.6261.

A choppy start to the day saw EOS fall to a mid-morning intraday low $2.4687 before finding support.

Steering clear of the first major support level at $2.4445, EOS rallied to a late intraday high $2.6519.

EOS broke through the first major resistance level at $2.5839 and the second major resistance level at $2.6416.

A pullback late in the day, however, saw EOS fall back through the second major resistance level.

At the time of writing, EOS was down by 2.22% to $2.5678. A bearish start to the day saw EOS slide from an early morning high $2.6351 to a low $2.5361.

EOS left the major support and resistance levels untested early on.

What future awaits cryptocurrencies?
GOODBAD

EOS would need to move through to $2.5820 levels to bring the first major resistance level at $2.6958 into play.

Support from the broader market would be needed, however, for EOS to break out from Thursday’s high $2.6519.

Barring a broad-based crypto rebound, however, resistance at $2.60 would likely leave EOS short of the major resistance levels.

Failure to move back through to $2.5820 levels would see EOS slide deeper into the red.

A fall through the morning low $2.5361 would bring the first major support level at $2.5126 into play.

Barring an extended crypto sell-off, however, EOS should steer clear of the second major support level at $2.3990.

Major Support Level: $2.5126

Major Resistance Level: $2.6958

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum rose by 1.74% on Thursday. Following on from a 5.26% rally on Wednesday, Ethereum ended the day at $203.40.

Tracking the broader market, Ethereum fell to a mid-morning intraday low $195.70 before making a move.

Steering clear of the first major support level at $191.66, Ethereum rallied to a late morning intraday high $206.25.

Ethereum broke through the first major resistance level at $204.89 before sliding back to $196 levels.

Finding support late in the day, however, Ethereum bounced back to end the day in the green.

At the time of writing, Ethereum was down by 1.92% to $199.49. A bearish start to the day saw Ethereum fall from an early morning high $204.30 to a low $196.82.

Ethereum fell through the first major support level at $197.32 before finding support.

Ethereum would need to move through to $201.80 levels to bring the first major resistance level at $207.87 into play.

Support from the broader market would be needed, however, for Ethereum to break out from Thursday’s high $206.25.

Barring a broad-based crypto rebound, resistance at $205 would likely leave Ethereum short of the major resistance levels.

Failure to move back through to $201.80 levels could see Ethereum take a bigger hit.

A fall back through the first major support level would bring the second major support level at $191.23 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$190 levels.

Major Support Level: $197.32

Major Resistance Level: $207.87

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP rose by 0.96% on Thursday. Following a 2.53% gain on Wednesday, Ripple’s XRP ended the day at $0.20406.

A mixed start to the day saw Ripple’s XRP fall to a mid-morning intraday low $0.19809 before finding support.

Steering clear of the first major support level at $0.1971, Ripple’s XRP rallied to a late morning intraday high $0.20642.

Ripple’s XRP broke through the first major resistance level at $0.2055 before sliding back into the red.

Finding support late in the day, however, Ripple’s XRP recovered to end the day in the green.

At the time of writing, Ripple’s XRP was down by 2.05% to $0.19988. A bearish start to the day saw Ripple’s XRP slide from an early morning high $0.20484 to a low $0.19695.

Ripple’s XRP fell through the first major support level at $0.1993 before finding support.

Ripple’s XRP will need to move through to $0.2030 levels to bring the first major resistance level at $0.2076 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Thursday’s high $0.20642.

Barring an extended crypto rebound, the first major resistance level at $0.2076 would likely limit any upside.

Failure to avoid sub-$0.2030 levels could see Ripple’s XRP fall deeper into the red.

A fall back through the first major support level would bring the second major support level at $0.1945 into play.

Barring a crypto meltdown, however, Ripple’s XRP should steer clear of sub-$0.19 support levels.

Major Support Level: $0.1993

Major Resistance Level: $0.2076

23.6% FIB Retracement Level: $0.3638

38.2% FIB Retracement Level: $0.4800

62% FIB Retracement Level: $0.6678

Please let us know what you think in the comments below.

Thanks, Bob

This article was originally posted on FX Empire

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Source: finance.yahoo.com

Author: Bob Mason


Bitcoin and Ethereum Users Complain About Rising 'Ridiculous' Fees

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