It has recently been witnessed that the transaction fees are declining rapidly on Bitcoin and Ethereum as the prices of the coins decline from their recent ATHs. Amid the ongoing decline in the crypto market, the transaction fees on Bitcoin and Ethereum have reduced by 81% and 71% respectively.

Ethereum Transaction Charges Reduced 

In accordance with the leading market data aggregators, the average fees of using the Ethereum blockchain reduced from the mark of $69.92 per dealing on Wednesday to $20.06 by Sunday.

The price of the second-largest cryptocurrency witnessed a huge surge recently touching their all-time highs and then falling significantly from that level marking a decline of over 27%.

In addition to this, it should be known that the rapid rise in the charges of using Ethereum comes after the introduction of Decentralized Finance (Defi) apps. 

They now make up for around four of the top five gas burners on the blockchain and the increased attention brought to the blockchain amid the bull rally of the year 2021.

Moreover, it should be noted that the daily user count of Ethereum has quadrupled since the start of the year 2020, climbing from the mark of 400,000 to 1.6 million.

Bitcoin Following the Similar Trend

As revealed by the leading market data aggregators, the transaction fees on Bitcoin fell around 815 since April when the price of the cryptocurrency was around $65K. 

The average transaction costs of $62.77 marked a new ATH for Bitcoin, surpassing the mark of $55 in the year 2017 which gave an indication of the bull rally in Ethereum at that time.

Also, the fact that the market dominance of the leading cryptocurrency has declined significantly can not be ignored, as, in the year 2017, the market dominance of Bitcoin was around 90%, but the market capitalization was only $2 billion.

Meanwhile, the international market capitalization of the industry can be boosted conveniently by anyone who has the potential to introduce an arbitrary token with a high supply and comparatively low starting price.