Most Expensive Ethereum Transaction Fees, Dogecoin And Ripple Also Experience Biggest Increases Since January 1, 2021

JAKARTA – Many changes and developments have taken place in the crypto world, including lower transaction fees. Since January 1, 2021, Dogecoin (DOGE), Ripple (XRP), and Blackcoin are getting major changes to their in-network transaction fees.

A report from forexsuggest.com revealed that Dogecoin's transaction fees experienced the biggest change since January 1, 2021, surging 4,230 percent in one year. This increase makes DOGE transaction fees cheaper. Meanwhile, Ethereum transaction fees until the end of the year are the most expensive among other cryptocurrencies. The average Ethereum transfer fee is USD 52.45 per transaction.

Reporting from Bitcoin.com News, the forexsuggest.com study explained that the average transaction fee of crypto asset transaction fees in 2021 also changed a lot. There are 15 different crypto assets that have experienced lower transaction fees including Dogecoin (DOGE), Ripple (XRP), Feathercoin (FTC), and Blackcoin (BLK).

According to the researchers, Dogecoin experienced the biggest increase in fees this year, jumping 4,230 percent from $0.01 per transfer to $0.433. Meanwhile, Ripple experienced its second-biggest increase in 12 months, jumping 3.810 percent from $0.000166 to $0.00649 per transfer.

The third biggest increase over the past 12 months was blackcoin (BLK), with transfer fees increasing 1.886 percent from US$0.00000442 to US$0.00000878 per transaction. The most expensive transaction fees occur on the Ethereum (ETH) network, and ETH is also the fourth biggest winner in terms of fee increase in 12 months.

ETH transfer fees jumped 1.459 percent from $3.36 to $52.45 per transaction. The fifth-biggest jump in fees came from the Zcash network (ZEC), as ZEC fees increased 806 percent in 12 months. The ZEC fee on January 1, 2021, is approximately US$0.00000406 and at the end of the year, the ZEC transfer fee is US$0.00000368.

The Forexsuggest.com study also revealed that three crypto-assets experienced a decline in network fees over the past 12 months. Feathercoin (FTC) saw a 51 percent drop in transfer fees, and Monero (XMR) saw a 29 percent drop in transaction fees. Bitcoin (BTC) fees are down 26 percent over a 12-month span.

The FTC transfer fee on January 1, 2021, is US$0.000194 and at the end of the 12 month cycle, the FTC fee is US$0.00000955. Bitcoin transfer fees were $5.55 per transaction at the start of the 12-month timeframe and by the end, the data showed BTC fees were $4.09 per transfer. The study's researchers leveraged cost data sources from ycharts.com and bitinfocharts.com, and collected metrics on the first day of each month last year.

Cryptocurrencies that offer transaction fees of around one US cent or less include dash (DASH) 0.0173 US dollars, bitcoin cash (BCH) 0.00851 US dollars, Ripple (XRP) 0.00649 US dollars, Bitcoin Gold (BTG) 0, 00545 US dollars, and Ethereum Classic (ETC) for 0.0039 US dollars.

The transaction fee under Ethereum is 52.45 USD is Bitcoin fee, followed by Binance Coin (BNB) at 0.562 USD per transfer as far as the most expensive transfer fee is concerned. Litecoin (LTC) fees recorded at the end of last year were around US$0.0278 per transaction as reported by Bitcoin.com News.