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Binance ETH Gas Fee Utilization On The Rise Again, What Does It Mean?

Ethereum

coingape.com 27 July 2022 18:15, UTC
  
Reading time: ~2 m

Following a record low of Ethereum gas fees, crypto exchange Binance is at it again to make the most out of it. On Tuesday, the exchange’s management confirmed that high utilization of Ethereum (ETH) as gas fee dropped. On Tuesday, an abnormal spike was seen in Ethereum gas fees utilization on Binance, with a share of 78% utilization among top exchanges.

Binance ETH Gas Fee Use On The Rise

Although the latest gas fee utilization is not up to the extent of Tuesday’s figures, the last few hours saw another spike. Binance’s ETH gas fee utilization peaked at 78% on Tuesday while on Wednesday it is on the rising at 20%. As of writing, the exchange holds a share of 20% ETH gas fee use after recording 17% just a few hours ago. At the same time, Coinbase is currently responsible for highest gas fee usage at 41%.

Users Making Most Of Low Gas Fee

Binance chief executive officer CZ hinted at users probably preferring ETH due to the low gas fee. “Probably users are just choosing ETH more now the fees are low,” he said. In the last 1 hour, a gas fees of 2.56 ETH was spent by Binance users while that of Coinbase is 2.97 ETH. To put Tuesday’s massive surge in Binance’s ETH gas fee use, the hourly usage at a point was as high as 28 ETH.

Meanwhile, the Ethereum price is hovering around the $1,500 mark after a steady rise from $1,400 range since Tuesday. As of writing, Ethereum (ETH) is trading at $1,501.49, down 0.75% in the last 24 hours and up 8.53% over the week, according to CoinMarketCap. Earlier in the week, ETH rose to a high of $1,623 ahead of the Merge in September. In anticipation of the Ethereum Merge in the middle of September, ETH price maintained an upward trajectory. In the last 10 days, Ethereum (ETH) price jumped from under $1,200 to over $1,600, showing a spike of more than 25%.


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