Topic: How come both the "gas" and "fee" prices shoot up without ETH and BTC move? - page 3. (Read 448 times)
November 23, 2023, 06:21:25 AM
Volume volatility and rising crypto prices greatly influence gas costs, during the bull season all transfer fees, swaps soar high and fees can be said to be expensive for me. Many investors who hold coins for a long time sell in the bull season so that transactions become slow. and there is no other choice I have ever chosen to choose high fees on the ethereum network.
November 23, 2023, 03:02:10 AM
Mempool's inexplicably congested, some people attributing ordinals as the cause for this which I couldn't understand, since NFTs are practically for a long time now. With that being said
Ordinals and Inscriptions are not only NFTs, also BRC20 is among which are fungible and they are increasing everyday as new BRC20 token is created. Bitcoin transactions will definitely have increased recently but the Ordinals and Inscriptions transactions are part of what is congesting the bitcoin mempool. You can see BRC20 coins if you click on this link: https://coinranking.com/coins/brc-20
November 22, 2023, 05:19:57 PM
Mempool's inexplicably congested, some people attributing ordinals as the cause for this which I couldn't understand, since NFTs are practically for a long time now. With that being said, There's been movement in both bitcoin and ethereum in the past few days, which may have lead people to take this opportunity to either buy more crypto, or sell what they held on for so long. So there's that. In any case, I don't see gas fees (as long as they are not astronomically high) as a massive loss for cryptocurrencies, since at the end of the day this is an indication that something within the network is transpiring, which is a good sign for the most part since it means a lot more people are becoming involved in crypto.
November 22, 2023, 05:06:10 PM
Yes I see that. I see that there's no move in price as well. More demand means more price isn't it?
Now there is. Hello, $37k again.I thought that hype heats up the market which is not true for present situation.
But what strikes me the most is future perspective on that!
Does that mean that whenever one will earn 1 BTC with sweat, blood and tears he/she must pay 0.1 BTC in gas/fee?! I refer to this chart on other source.
Not really. Don't mind about the current fees because it won't be that long. It doesn't represent the future fees as well. There will be some solutions to these sudden high fees because it's not the first time that we've dealt with this. It has happened before and likely to happen in the future but don't mind about the fees in the future and much better to get to that point of owning 1 Bitcoin first and let the network handle on its own. But what strikes me the most is future perspective on that!
Does that mean that whenever one will earn 1 BTC with sweat, blood and tears he/she must pay 0.1 BTC in gas/fee?! I refer to this chart on other source.
November 22, 2023, 04:56:18 PM
Have anybody noticed the strange situation on the blockchain? 
There's 9$ fee to send 0,9$ amount for both famous coins. How this could happen? Just take a look at the price - it hardly moved from the average!
You are quite late to notice it because those who are regularly dealing in crypto are well aware of the BTC fee, and this fee does not shoot up due to the price of BTC. If you think the price of BTC is the only reason behind the transaction fee, then I think you should gather some information first. There's 9$ fee to send 0,9$ amount for both famous coins. How this could happen? Just take a look at the price - it hardly moved from the average!I can assist you in learning that transaction fees don't only depend on the BTC price; they also depend on the traffic on the BTC blockchain. Due to the recent Ordinals probelms, the BTC blockchain is loaded with thousands of transactions in a short period of time, and a lot of bad people are using techniques to dust the blockchain to increase the fee artificially.
These bad actors could be anyone but are assumed to be miners because their actions benefit the miners most. Other than this, ETH's price was already high, but I was not aware that it was near $9.
November 22, 2023, 01:41:23 PM
As you can see on this mempool site, https://mempool.space/, bitcoin unconfirmed transaction is 223426, which means the mempool is congested. Ordinals and Inscriptions is part of what that makes bitcoin mempool to be congested.
Ethereum network can also be congested with it transactions and its tokens transactions like ERC20 tokens most especially.
Yes I see that. I see that there's no move in price as well. More demand means more price isn't it?Ethereum network can also be congested with it transactions and its tokens transactions like ERC20 tokens most especially.
Nope! The fees amount has no relationship with the price. The fees is not increasing because of Bitcoin's demand. It is increasing because ordinals have again become active and they are using Bitcoin network. So the network is becoming congested and the fees are increasing as per the normal process.
This nonsense called Ordinals need to be stopped immediately. Otherwise, Bitcoin network will also become similar to ETH.
So really it's a multi factor issue, but you can't deny correlation with price.
Go to the following website, what do you notice?
https://bitinfocharts.com/comparison/transactionfees-price-btc.html#alltime
Bitcoin fees peaked when prices were also reaching ATH levels. There's some very high correlation with the two well known BTCUSD bubbles of 2017 and 2021.
As of this year's peaks in fees, yes, you're right. They're directly caused by heightened demand for block space caused by Ordinals and BRC-20 tokens that take a lot of space in blocks with their really inefficient transactions, putting images and "token" creations on chain.
November 22, 2023, 01:34:08 PM
As you can see on this mempool site, https://mempool.space/, bitcoin unconfirmed transaction is 223426, which means the mempool is congested. Ordinals and Inscriptions is part of what that makes bitcoin mempool to be congested.
Ethereum network can also be congested with it transactions and its tokens transactions like ERC20 tokens most especially.
Yes I see that. I see that there's no move in price as well. More demand means more price isn't it?Ethereum network can also be congested with it transactions and its tokens transactions like ERC20 tokens most especially.
Nope! The fees amount has no relationship with the price. The fees is not increasing because of Bitcoin's demand. It is increasing because ordinals have again become active and they are using Bitcoin network. So the network is becoming congested and the fees are increasing as per the normal process.
This nonsense called Ordinals need to be stopped immediately. Otherwise, Bitcoin network will also become similar to ETH.
November 22, 2023, 12:10:44 PM
Have anybody noticed the strange situation on the blockchain? There's 9$ fee to send 0,9$ amount for both famous coins. How this could happen? Just take a look at the price - it hardly moved from the average!
There's 9$ fee to send 0,9$ amount for both famous coins. How this could happen? Just take a look at the price - it hardly moved from the average!Fee is based on the demand of sending transactions not derived from the buying demand which will boost the price. Anyone can send tokens without to exchange or other address which means this doesn’t affect the price. Any movement of tokens from different address is not related to buying a token.
I believe the price will pump if the fee is lesser since it only means that everyone is holding while most the trades is happening on exchange via internal transaction.
November 22, 2023, 12:02:21 PM
Have anybody noticed the strange situation on the blockchain? There's 9$ fee to send 0,9$ amount for both famous coins. How this could happen? Just take a look at the price - it hardly moved from the average!
Only miners have the authority to determine the direction of fee prices, whether up or down. To understand this, we must take into account the profit formula of mining companies because they do not do this voluntarily. They are companies whose primary goal is to achieve the most profits possible, and in this market they have fierce competition. These companies are mainly affected by the extent of demand for using the network because they operate on the principle of collecting transactions that have more fees, and the extent of the flow of transactions on the network is not always controlled by the price of the currency itself because people may sell a lot when prices rise or buy more when prices fall. There's 9$ fee to send 0,9$ amount for both famous coins. How this could happen? Just take a look at the price - it hardly moved from the average!
November 22, 2023, 11:45:17 AM
More demand means more price isn't it?
Probably, if people are buying, this will likely make the mempool to be congested. But like I meant before, not only bitcoin transactions that makes the mempool to be congested, Ordinals and Inscriptions are part of it.I know of bitcoin network being currently congested but can't say about the ethereum network if this congestion has extended to them or not
Ethereum network has been congested more than bitcoin mempool since years ago, but both are congested now. in bitcoin we make use of transaction fee while in ither cryptocurrencies it's called gas fee,
There are many other coins that call it just transaction fee, but some like ethereum call it gas fee. 
November 22, 2023, 11:40:56 AM
As you can see on this mempool site, https://mempool.space/, bitcoin unconfirmed transaction is 223426, which means the mempool is congested. Ordinals and Inscriptions is part of what that makes bitcoin mempool to be congested.
Ethereum network can also be congested with it transactions and its tokens transactions like ERC20 tokens most especially.
Yes I see that. I see that there's no move in price as well. More demand means more price isn't it?Ethereum network can also be congested with it transactions and its tokens transactions like ERC20 tokens most especially.
I see where your question is headed, you see the mempool congested which means that there is high demand or supply of bitcoin which should have impacted the price either upward movement or downward movement but it is not that. Yes that is because the mempool is not just congested with bitcoin only but with also has another token called the BRC20 tokens like ORDI on its network and there mass transactions has been the one congesting the bitcoin mempool. The bitcoin transactions in the mempool are just the usual transactions but since the listing of ORDI on binance exchange many people have started falling into the prey of buying it and it is the token that is congesting the mempool.
As for the ETH gas fee or its congestion that’s also has to do with the movement of numerous number of tokens on its network that is been transferred and not the ETH coin it self.
I thought that hype heats up the market which is not true for present situation.
But what strikes me the most is future perspective on that!
Does that mean that whenever one will earn 1 BTC with sweat, blood and tears he/she must pay 0.1 BTC in gas/fee?! I refer to this chart on other source.
You are checking bitcoin fees on the wrong site or either you’re evaluating it wrongly your self. Bitcoin transactions fees has never been that high to 0.1 BTC. Even the highest bitcoin transaction fee we have had since this congestion stated hasn’t surpassed 500sats/vbyte as far as I can remember which is equivalent to just then equivalent to 0.0007 BTC
You should check https://mempool.space/ for proper fee estimation
November 22, 2023, 10:39:17 AM
I thought that hype heats up the market which is not true for present situation.
But what strikes me the most is future perspective on that!
Does that mean that whenever one will earn 1 BTC with sweat, blood and tears he/she must pay 0.1 BTC in gas/fee?! I refer to this chart on other source.
But what strikes me the most is future perspective on that!
Does that mean that whenever one will earn 1 BTC with sweat, blood and tears he/she must pay 0.1 BTC in gas/fee?! I refer to this chart on other source.
According to the chart link you have provided the average transaction fee for the bitcoin network today is 0.00034 BTC. Where do you get that 0.1BTC in gas fees which is equivalent to 3653.60 USD? I don't think the bitcoin network was ever that congested that users needed to pay that much for a single transaction. Bitcoin network gas fees is not constant they change according to the traffic they get. The more transactions in the memepool the more congested the network will be.
November 22, 2023, 10:36:46 AM
Have anybody noticed the strange situation on the blockchain? There's 9$ fee to send 0,9$ amount for both famous coins. How this could happen? Just take a look at the price - it hardly moved from the average!
There's 9$ fee to send 0,9$ amount for both famous coins. How this could happen? Just take a look at the price - it hardly moved from the average!I know of bitcoin network being currently congested but can't say about the ethereum network if this congestion has extended to them or not, in bitcoin we make use of transaction fee while in ither cryptocurrencies it's called gas fee, bitcoi netwo is not getting congested for the first time, ordinals is part of what is believed to have constitute to the congestion on the bitcoin network making it transaction fee higher because other services are taking advantage of the blockspace to serve their own purpose at the expense of the bitcoin users.
November 22, 2023, 10:28:18 AM
As you can see on this mempool site, https://mempool.space/, bitcoin unconfirmed transaction is 223426, which means the mempool is congested. Ordinals and Inscriptions is part of what that makes bitcoin mempool to be congested.
Ethereum network can also be congested with it transactions and its tokens transactions like ERC20 tokens most especially.
Yes I see that. I see that there's no move in price as well. More demand means more price isn't it?Ethereum network can also be congested with it transactions and its tokens transactions like ERC20 tokens most especially.
Have anybody noticed the strange situation on the blockchain? There's 9$ fee to send 0,9$ amount for both famous coins. How this could happen? Just take a look at the price - it hardly moved from the average!
There's 9$ fee to send 0,9$ amount for both famous coins. How this could happen? Just take a look at the price - it hardly moved from the average!Recent ordinals listings and news events makes bitcoin network congested. News of bitcoin and ETH ETF also creates hype to the market which lead to a congested market for both network. There is another L2 in the ETH network that emerged this week and its TVL is already around 70M due to possible airdrop from that project. This new L2 is called Blast and news says it is a project created by a famous NFT marketplace Blur. This situation won't last long and the network will run like normal when the hype fades away.
But what strikes me the most is future perspective on that!
Does that mean that whenever one will earn 1 BTC with sweat, blood and tears he/she must pay 0.1 BTC in gas/fee?! I refer to this chart on other source.
November 22, 2023, 10:19:32 AM
Have anybody noticed the strange situation on the blockchain? There's 9$ fee to send 0,9$ amount for both famous coins. How this could happen? Just take a look at the price - it hardly moved from the average!
There's 9$ fee to send 0,9$ amount for both famous coins. How this could happen? Just take a look at the price - it hardly moved from the average!Recent ordinals listings and news events makes bitcoin network congested. News of bitcoin and ETH ETF also creates hype to the market which lead to a congested market for both network. There is another L2 in the ETH network that emerged this week and its TVL is already around 70M due to possible airdrop from that project. This new L2 is called Blast and news says it is a project created by a famous NFT marketplace Blur. This situation won't last long and the network will run like normal when the hype fades away.
November 22, 2023, 09:39:23 AM
As you can see on this mempool site, https://mempool.space/, bitcoin unconfirmed transaction is 223426, which means the mempool is congested. Ordinals and Inscriptions is part of what that makes bitcoin mempool to be congested.
Ethereum network can also be congested with it transactions and its tokens transactions like ERC20 tokens most especially.
Ethereum network can also be congested with it transactions and its tokens transactions like ERC20 tokens most especially.
November 22, 2023, 09:32:03 AM
Have anybody noticed the strange situation on the blockchain? There's 9$ fee to send 0,9$ amount for both famous coins. How this could happen? Just take a look at the price - it hardly moved from the average!
There's 9$ fee to send 0,9$ amount for both famous coins. How this could happen? Just take a look at the price - it hardly moved from the average! Jump to: