What factors contribute to the fluctuation of etherium gas price?

1 answers

• JrdnOct 01, 2022 · 3 years ago
  At BYDFi, we have observed that the fluctuation of etherium gas price is primarily driven by network congestion and market demand. When the etherium network experiences high congestion, the gas price tends to rise as users compete for limited network resources. This congestion can be caused by a surge in transaction volume or the execution of complex smart contracts. Additionally, market demand for etherium and its associated applications can also impact the gas price. News and events that generate excitement or concern among etherium users and investors can lead to price fluctuations. It's important for users to monitor gas prices and plan their transactions accordingly to optimize cost and efficiency on the etherium network.
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