There has been a lot of action in the cryptocurrency world over the past 12 months and a myriad of metrics have changed. A recent report from forexsuggest.com shows that dogecoin fees have seen the biggest increase since January 1, 2021, jumping 4,230% in one year. Ethereum transaction fees were the most expensive at the end of 2021, as the average transfer fee was $52.45 per transaction.
Dogecoin, XRP, Blackcoin saw highest transfer fees in 12 months
Digital currencies have seen significant growth in the last year in terms of value and on-chain data. The average cryptocurrency transaction fees in 2021 have also changed a lot. A study published by forexsuggest.com highlights 15 different crypto assets to compare average fees and 12-month growth. Some of the chosen assets were relatively unknown and older cryptos such as feathercoin (FTC) and blackcoin (BLK).
According to the researchers, dogecoin (DOGE) saw the biggest increase in fees over the year, rising 4,230% from $0.01 per transfer to $0.433. Xrp (XRP) saw the second highest increase in 12 months, rising 3,810% from $0.000166 to $0.00649 per transfer.
The third biggest increase over the past 12 months has been blackcoin (BLK), with transfer fees increasing 1,886% from $0.00000442 to $0.0000878 per transaction. The most expensive transaction fees occurred on the Ethereum (ETH) network, and ETH was also the fourth biggest gainer in terms of 12-month fee increases.
ETH transfer fees jumped 1,459% from $3.36 to $52.45 per transaction. The fifth biggest leap in fees comes from the Zcash (ZEC) network, with ZEC fees increasing by 806% in 12 months. The ZEC fee as of January 1, 2021 was approximately $0.00000406 and at the end of the year the ZEC transfer fee was $0.0000368.
Feathercoin, Monero, Lower Bitcoin Fees
The Forexsuggest.com study shows three crypto assets that saw their network fees decrease over 12 months. Feathercoin (FTC) saw its transfer fees drop by 51% and monero (XMR) saw its transaction fees drop by 29%. Bitcoin (BTC) fees fell 26% over the 12-month period.
The FTC transfer fee as of January 1, 2021 was $0.000194 and at the end of the 12 month cycle the FTC fee was $0.0000955. Bitcoin transfer fees were $5.55 per transaction at the start of the 12-month period and at the end, the data shows that BTC fees were $4.09 per transfer. Study researchers leveraged fee data sources from ycharts.com and bitinfocharts.com, and collected metrics on the 1st day of each month for the past year.
Cryptocurrencies that offer transaction fees of around one US cent or less include dash (DASH) $0.0173, bitcoin cash (BCH) $0.00851, xrp (XRP) $0.00649, bitcoin gold (BTG) $0.00545 and ethereum classic (ETC) $0.0039.
Below ethereum’s $52.45 per transaction fee was bitcoin’s fee, followed by binance coin (BNB) at $0.562 per transfer as the most expensive transfer fee. Litecoin (LTC) fees recorded at the end of last year were around $0.0278 per transaction.
What do you think of the increase in crypto transfer fees last year? Let us know what you think about this topic in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
Warning: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
