In May 2023, Ethereum (ETH) traded at approximately $1,850, making it the world's second-largest cryptocurrency. However, the month saw a substantial decrease in transaction gas fees, with Ethereum's gas fee dropping by almost 70% in just one month.

According to Santiment, a provider of on-chain data, Ethereum's average fees have returned to normal levels after peaking at $14 per ETH transaction in early May.

Glassnode has explained how various asset classes, including ICOs, DeFi, NFTs, and stablecoins, have contributed to gas price surges at different times. Ethereum's price has surged, leading to a rally in the TAGSETH market, with a significant increase in Ethereum's price.