BTC and Ether Prices Rise, Transaction Fees Also Increase

[Suba]

From my observations on Coinmarketcap the price of Bitcoin has reached above $37k while the price of Ether is also above $2k. However, unfortunately the increase in the price of these two major cryptocurrencies was followed by an increase in transaction fees on the two crypto networks. That's one of the reasons I found that earning sites that provide Bitcoin rewards have replaced them with Solana, which has cheaper transaction fees.

Transaction Fees on the Bitcoin Blockchain
On Nov6, I transferred from my personal wallet to the crypto exchange the amount of 0.00150000 BTC and was charged and charged a transaction fee of 0.00008560 BTC. But starting yesterday transaction fees skyrocketed to around $10 for high priority.

Transaction Fees on the Ethereum Blockchain
Transaction fees on the Ethereum blockchain have jumped since Thursday Nov 9, this increase reached 160 gwei or around $6.7 but starting yesterday Gas fees have increased to an average transaction fee on the Ethereum Blockchain of around $11. Don't forget the transaction fees in smart contracts, such as doing a swap on Uniswap, you will also be charged a transaction fee of around $136.

Layer-2 as a Solution
To reduce high fees if users carry out daily transactions, they can use the Lightning Network for Bitcoin, while for Ether they can use Polygon, Optimism and Arbitrum.

 

[neku]

I have also noticed the increase in transaction fees, Faucetpay is charging 20000 satoshi for BTC withdrawals from the wallet. Also one payment request from a customer has not been processed for more than one week.

 

[Suba]

Network fees or blockchain fees have a dynamic nature and will depend on the number of transactions. The more expensive the price of Bitcoin and Ether, the higher the network fee will be, and transaction confirmation will also take longer due to blockchain congestion.

 

[riberet19]

Unfortunately, that's true, the higher the price of the asset, the higher the fee, just look at the fee that Ethereum charged during the all-time high of the last cycle, an outrage.

 

[neku]

Some websites are switching to Optimism layer 2 network for making payments , the fees are lower . Does any member here receive payments through the optimism network? If yes, which exchange/wallet do you use?

 

[SHAHID987]

I also faced similar problem as I tried to transfer my BTC from one exchange to other then I was surprised to see it's transaction fee. Plus the minimum amount to be transfer was too high.