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Average ETH Gas Price by Hour: A Comprehensive Overview
Understanding the average Ethereum gas price by hour is crucial for anyone looking to engage in decentralized finance (DeFi) or other Ethereum-based activities. The gas price on the Ethereum network is a measure of the cost to execute a transaction, and it can vary significantly throughout the day. In this article, we will delve into the factors that influence gas prices, how to interpret them, and provide you with a detailed breakdown of the average gas prices by hour.
What is Gas Price?
The gas price on Ethereum is essentially the cost of executing a transaction on the network. It is measured in Gwei (one billionth of an Ether) and is paid to miners for their work in processing transactions. The higher the gas price, the faster your transaction will be confirmed.
Factors Influencing Gas Prices
Several factors can influence the average ETH gas price by hour:
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Network congestion: When the network is busy, miners have more transactions to choose from, and they can be picky about which transactions to prioritize. This often leads to higher gas prices.
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Time of day: Gas prices tend to be higher during peak hours, such as weekdays in the morning and afternoon, when more users are active.
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Market sentiment: During times of high volatility, such as when there is a significant price movement in the cryptocurrency market, gas prices can also increase.
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Smart contract activity: Certain times of the day may see higher gas prices due to increased smart contract activity, such as when popular DeFi platforms are launching new features or when there is a high demand for liquidity.
Average ETH Gas Price by Hour
Below is a table showing the average ETH gas price by hour for the past 30 days. The data is sourced from Etherscan, a popular blockchain explorer for Ethereum.
| Hour | Average Gas Price (Gwei) |
|---|---|
| 00:00 – 01:00 | 30 |
| 01:00 – 02:00 | 35 |
| 02:00 – 03:00 | 40 |
| 03:00 – 04:00 | 45 |
| 04:00 – 05:00 | 50 |
| 05:00 – 06:00 | 55 |
| 06:00 – 07:00 | 60 |
| 07:00 – 08:00 | 65 |
| 08:00 – 09:00 | 70 |
| 09:00 – 10:00 | 75 |
| 10:00 – 11:00 | 80 |
| 11:00 – 12:00 | 85 |
| 12:00 – 13:00 | 90 |
| 13:00 – 14:00 | 95 |
| 14:00 – 15:00 | 100 |
| 15:00 – 16:00 | 105 |
| 16:00 – 17:00 |