Data shows both Bitcoin and Ethereum have observed a spike in the transaction fees over the past couple of days as holders have rushed to sell amid the crash.
Depending on the crypto network, either part of the transaction fee or the entirety of it goes to the miners (or the validators).
When there are a large number of transactions happening on the network and the mempool becomes clogged, these miners start prioritizing transactions with the highest fees attached to them.
In such times, users who want their transfers to go through quicker and not be stuck waiting start putting a higher fee.
If network activity remains raised, users start paying an even higher fees in order to outcompete the others, thus leading to the network average shooting up.
The below chart shows this trend in the indicator.
Much like BTC, the Ethereum blockchain also saw a huge increase in demand over the past day as investors rushed to sell during the crash.
Here is a chart that shows the trend in the ETH mean max fees per gas over the past few weeks:
The “max fee” is the fee per gas that users can maximally attach when submitting a transaction on the Ethereum network.
The below chart shows the trend in the price of the coin over the last five days.
As for Ethereum, the crypto is trading around $1.2k right now, down 32% in the past week. Monthly losses for the coin stand at 41%.
Below is the price chart for ETH over the last five days.