![\"\"](\"https:\/\/www.cryptocabaret.com\/wp-content\/uploads\/2023\/01\/ethgas-768x432.jpg\")
<\/p>\n<\/p>\n
While the second-largest crypto asset by market capitalization, ethereum, has risen 27% against the U.S. dollar in the last two weeks, the network\u2019s average and median-sized gas fees have increased by more than 50%. On the first day of 2023, the average fee to spend ether was around $2.93 per transfer, but today the average cost is 54% higher at $4.52 per transfer.<\/strong><\/p>\n Sending ethereum (ETH)<\/a> is becoming more costly as the crypto asset\u2019s value has risen greatly over the last 14 days. At the time of writing, ether is trading at $1,542 per unit, after reaching a high of $1,606 per unit during the same 24-hour period on Jan. 18, 2023.<\/p>\n As ethereum\u2019s value in U.S. dollars has increased, the cost to move ether and the myriad of ERC20 tokens has also risen. Data<\/a> from bitinfocharts.com indicates that on Jan. 1, 2023, the average ether gas fee was $2.93 per transfer. 18 days later, the average fee to send ethereum is 54% higher at $4.52 per transaction.<\/p>\n Bitinfocharts.com\u2019s median-sized ethereum fee chart highlights a similar pattern. 18 days ago on the first day of 2023, bitinfocharts.com\u2019s median ether fee chart<\/a> showed the cost was around $1.06 per transfer to send ethereum.<\/p>\n On Wednesday, the same chart showed the cost has risen to 0.0013 ETH<\/a> per transfer or roughly $1.96 using current ether exchange rates. That means the median-sized ethereum fee has jumped 84% since Jan. 1. Furthermore, while the gas measurement is usually estimated at a much lower rate, etherscan.io\u2019s \u201cGas Tracker\u201d also shows an increase since the start of the year.<\/p>\n On that day, the web portal\u2019s fee tracker indicates that the high-priority ether gas fee was around $0.30 per transfer<\/a> or 20 gwei. 18 days later, a high-priority fee is still 20 gwei or $1.14 per ETH transaction<\/a>, which is an increase of around 280%. On Jan. 1, the cost to transact with Opensea was an estimated $1.12 per transaction and today it\u2019s up to $3.99.<\/p>\n A swap on a decentralized exchange (dex) platform was $2.87 and now it\u2019s up to $10.28 to make a trade on a dex like Uniswap. Sending an ERC20 token like USDT<\/a> and USDC would cost a sender around $0.84 per transaction, and today it\u2019s around $3.02 to send an ERC20.<\/p>\n Furthermore, the cost of layer-two (L2) transactions has risen as well. Three days ago on Jan. 15, 2023, Bitcoin.com News reported<\/a> on the rise of Arbitrum and Optimism transactions. On that day, an Arbitrum network transfer was around $0.101 per transfer, and today\u2019s fee is around $0.188 per transfer, according to data<\/a> from Dune Analytics.<\/p>\n Similarly, Optimism\u2019s network transaction costs were $0.1410 per transfer three days ago, and on Jan. 18, the cost to move coins on the L2 chain Optimism is $0.3039 per transaction. The rise in higher ether gas fees in recent times has broken the record of long months of low fees on the Ethereum network.<\/p>\nRise in Ethereum Value Leads to Increased Onchain Transaction Costs<\/h2>\n
![\"Ethereum](\"https:\/\/www.cryptocabaret.com\/wp-content\/uploads\/2023\/01\/ether.jpg\" "\\"Ethereum")
<\/p>\n![\"Ethereum](\"https:\/\/www.cryptocabaret.com\/wp-content\/uploads\/2023\/01\/ethergas.jpg\" "\\"Ethereum")
<\/p>\n![\"Ethereum](\"https:\/\/www.cryptocabaret.com\/wp-content\/uploads\/2023\/01\/227.jpg\" "\\"Ethereum")
<\/p>\n