Ethereum Sees Dip in Transaction Fees Amidst Historic Low Volatility

  • Ethereum's transaction fees have significantly decreased by 21.2% amidst a historic period of low volatility, with the weekly total spent on fees dropping to $34.8 million, the lowest in two months.
  • Despite Ethereum's current stability, periods of low volatility are typically short-lived, suggesting that Ethereum might soon experience a sharp increase or decrease in its price movement.
  • Visa has initiated a pilot program on the Ethereum platform, allowing users to pay gas fees with Visa credit and debit cards. The program aims to simplify the use of Ethereum-based dapps and make digital transactions more user-friendly, utilizing advanced technologies like paymaster smart contracts and the ERC-4337 standard.

Amidst a period of unusually low volatility in the Ethereum (ETH) market, notable on-chain data analytics firm, IntoTheBlock, has highlighted a significant drop in Ethereum transaction fees for South African users and beyond. The analytics firm reported that the cost associated with executing Ethereum transactions has witnessed a marked decrease of 21.2% in the recent week. This downward trend translates to a weekly aggregate of $34.8 million spent on transaction fees, marking the lowest figures seen in the last two months for South African Ethereum traders and the global community alike.

In South Africa, where there is an increasing interest in cryptocurrencies, the Ethereum blockchain’s behaviour has captured the attention of many traders. The volatility of Ethereum, which gauges the cryptocurrency’s price variations over a set duration, has touched all-time lows. Historically, as noted by IntoTheBlock, as assets like Ethereum gain traction and adoption, it’s not unusual for their volatility to taper off. However, the current stability observed in Ethereum’s price movement is seen as atypical, even against the backdrop of its growing acceptance in the South African digital economy.

Is a Price Surge on the Horizon?

It’s worth noting that intervals of subdued volatility, such as the current one, generally sustain for a brief period, often just over a month. Subsequently, a spike in price movement, either upward or downward, is anticipated. These patterns, as per IntoTheBlock’s analysis, point towards a potential impending volatile phase in Ethereum’s price. For context, Ethereum, the world’s second-largest cryptocurrency by market cap, has maintained a largely stable trading trajectory in recent times. At the time of reporting, the digital asset has seen a mere 0.13% dip over the past 24 hours, with its current price standing at $1,846.

Visa’s Innovations on the Ethereum Platform

In related news that’s particularly relevant for South Africans looking to bridge the gap between traditional banking and blockchain, Visa, the globally renowned payments platform, has initiated a pilot program on the Ethereum blockchain. This program will enable users to cover gas fees using Visa’s credit and debit cards.

The initiative is not merely an experiment; it represents Visa’s vision of simplifying interactions with decentralized applications (dapps) on the Ethereum platform for everyday users. Through this endeavour, Visa aims to set the stage for more streamlined and user-friendly digital transactions in the future, offering tools that resonate with the needs of the South African market and beyond. Visa’s pilot draws on advanced technological protocols, integrating features like the paymaster smart contract, account abstraction, and notably, the ERC-4337 standard.

Visited 1 times, 1 visit(s) today

Stay ahead in the financial world – Sign Up to Rateweb’s essential newsletter for free. Get the latest insights on business trends, tech innovations, and market movements, directly to your inbox. Join our community of savvy readers and never miss an update that could impact your financial decisions.

Do you have a news tip for Rateweb reporters? Please email us at


Personal Financial Tools

Below is a list of tools built to assist South Africans to make the best financial decisions:



South Africa’s primary source of financial tools and information

Contact Us


Rateweb strives to keep its information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. All financial products, shopping products and services are presented without warranty. When evaluating offers, please review the financial institution’s Terms and Conditions.

Rateweb is not a financial service provider and should in no way be seen as one. In compiling the articles for our website due caution was exercised in an attempt to gather information from reliable and accurate sources. The articles are of a general nature and do not purport to offer specialised and or personalised financial or investment advice. Neither the author, nor the publisher, will accept any responsibility for losses, omissions, errors, fortunes or misfortunes that may be suffered by any person that acts or refrains from acting as a result of these articles.