Bitcoin transaction fees are down by over 50% this year
Transaction fees have dropped this year, after a spike earlier this summer. According to YCharts data, the average transaction fee of Bitcoin (BTC) has dropped from $4.40 to $1.80 this year, a decrease of 57.97%. This rise may be attributed to a variety of factors. One explanation is that the fast expansion of the Bitcoin Lightning Network, in which transactions are off the blockchain, may have been a catalyst.For perspective, the Bitcoin network charges a fee for each transaction. This payment is then divided between miners. When the network is congested and demand for transaction....
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Ethereum still boasts one of the highest transaction volumes in the crypto space but recently, the blockchain has been seeing a decline in its transaction fees. The fees decline significantly which has been a welcome development for users of the network. However, this decline has sparked concerns regarding what types of effects it could have […]
The average Ethereum network fee has dropped to the lowest value recorded in over ten months, after fees hit a low of $2.96 per transaction on Sunday afternoon (ET). The last time ethereum transfer fees dropped below the $3 mark was last year on July 11, 2021. Moreover, median fees are even cheaper, as the median-sized ethereum transaction fee on May 29 is around 0.00086 ether or $1.56 per transfer.
Ethereum Gas Costs Sink to Lowest Levels Since July 2021
Ethereum network fees are the cheapest they have been in over ten months and around 12 p.m. (ET) on Sunday, the average ETH....