The crypto market is volatile as observed in the past few months. The increase and decrease in cryptocurrency prices are normal phenomena. As per the recent reports, it is been revealed that fees of Dogecoin have seen an incredible rise in prices since January 1, 2021. Within a year, there is a rise of 4,230% in Dogecoin fees. The price of cryptocurrency has seen great heights in the last year, so there is a change in transaction fees too. After analysis, forexsuggest.com came to a conclusion that Ethereum is the most expensive of all digital assets at the end of 2021. The average transaction fee charged by Ethereum was $52.45 per transfer.
Change in transaction fees
In an analysis, it is revealed that Dogecoin has seen a major rise followed by certain other digital currencies. Since Dogecoin has seen a great rise, transaction fees changes from $0.01 per transaction to $0.433. Xrp (XRP) followed becoming the second-largest cryptocurrency in terms of increasing transaction fees as it fluctuates from $0.000166 to $0.00649 per transaction. Overall, there is an increase of 3,810% further joined by Blackchain (BLK). The transfer fees of BLK shifted from $0.00000442 to $0.0000878 per transaction with a 1,886% increase. There are many other cryptocurrencies that have raised their transaction fees after seeing the growing trends of digital assets.
Within a span of 12 months major digital currency has seen changes in transaction fees. To compare different digital assets, they took into consideration 15 cryptocurrencies and their transfer fees.