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Ethereum gas price spikes 29% in January as user activity grows: Report

Published 02/08/2023, 06:02 AM
Updated 02/08/2023, 07:40 AM
©  Reuters

Stepping into 2023, the cryptocurrency market seemingly shrugged off the year-long bearish sentiment from 2022. As investors took notice, the long-awaited price corrections had a significant reaction, showcased through on-chain activities on the Ethereum blockchain.

According to a data report from Analytex, Ethereum’s average gas price — calculated in terms of the smallest Ether (ETH) denomination, gwei — increased by 29.27% in January 2023. The report compares gas prices from January to December 2022, noting an increase in user activity as a key indicator for the rise in average gas price from 19.2 gwei to 24.82 gwei month-on-month.

Ethereum average gas price per month. Source: app.analytex.today
Ethereum transactions peak, January 2023. Source: app.analytex.today
Ethereum average number of blocks per day. Source: app.analytex.today

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