{"id":417877,"date":"2020-03-12T12:40:08","date_gmt":"2020-03-12T12:40:08","guid":{"rendered":"https:\/\/wncen.com\/?p=417877"},"modified":"2020-03-12T12:40:08","modified_gmt":"2020-03-12T12:40:08","slug":"warning-ethereum-gas-prices-go-through-roof-crash","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/warning-ethereum-gas-prices-go-through-roof-crash\/","title":{"rendered":"Warning: Ethereum Gas Prices Go Through the Roof Amid Bitcoin Crash"},"content":{"rendered":"

It appears that the bona fide price crash in Bitcoin<\/a> isn’t only affecting the market; indeed, Ethereum’s transaction fee market, too, has been adversely affected by this latest bout of crypto carnage.\u00a0<\/a><\/p>\n

Ethereum Fee Market Goes Through the Roof<\/strong><\/h2>\n

According to data<\/a> from ETHGasStation, a website tracking the transaction fees for ETH, the price of Gas, effectively computational power on the distributed Ethereum network, has gone through the roof.<\/p>\n

Gas prices measured in gwei (units of ETH, like a satoshi is to Bitcoin) have hit 100, meaning that the cost of sending the most basic of transactions in the next block will cost upwards of $0.30, fees that have not been seen in a while.<\/p>\n

Cryptocurrency analytics firm Glassnode has corroborated<\/a> this, finding that per their data, the median price of gas for the day has hit 29 gwei \u2014 “the highest it’s been in over a year.”<\/p>\n

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#Ethereum<\/a>'s price drop has lead to massive network congestion. $ETH<\/a> median gas price just spiked to 29 gwei – the highest it's been in over 1 year.https:\/\/t.co\/RnoIRxrdkG<\/a> pic.twitter.com\/KpOEfpWGWe<\/a><\/p>\n

— glassnode (@glassnode) March 12, 2020<\/a><\/p><\/blockquote>\n