Ethereum Transaction Fees Hit Lowest Levels Since January

[Fawpac2]

Average transaction fees on the Ethereum blockchain have fallen to their lowest prices since January, according to data from crypto metrics site BitInfoCharts.
The average cost of a transaction on Ethereum hit $7.371 yesterday, the lowest since January 23, when fees averaged $6.89.
Ethereum’s transaction fees are paid out to miners who process transactions on the blockchain. Transactions fees are far higher during periods of heavy traffic; when the network is quiet, fees dip.
This is because the network operates an auction that alters fees according to the supply of miners and traders’ demand for them. When demand outstrips supply, Ethereum miners can charge a premium.
Miners did just that on May 12, when Ethereum hit its all-time high of $4,363. Then, average fees were as high as $69.92. Fees dropped to about $20 in the coming days before rising to averages of $59.5 on May 19, just as Ethereum’s price started to crash and traders rushed for the exit. Source