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Bitcoin transaction fee drops to less than $ 1 and returns to April levels

June 15, 2020

The average rate of Bitcoin has dropped under the $ 1 line, and has returned to a level that had not been seen from before halving.

According to the cryptanalysis site BitInfoCharts from May 20 to June 14 Bitcoin (BTC) transaction fees decreased 91% from $ 6.65 to $ 0.56. This follows a peak after halving, with Rates increased by more than 1600% between April 5th and May 20th.

BitInfoCharts

Bitcoin transaction fee drops to less than $ 1 and returns to April levelsBitcoin transaction fee drops to less than $ 1 and returns to April levels

Source: BitInfoCharts

Transaction fees after halving in 2016

The second halving of BTC in 2016 Rates increased 200% from $ 0.08 on May 1 to a local high of $ 0.24 on July 31. However, the average rate during the halving ($ 0.17 on July 9) remained roughly on the same levels for two months after halving until increased at $ 0.37 in October 2016.

The Ethereum fees exceed Bitcoin

Cointelegraph reported that the average network rate Ethereum (ETH) outperformed BTC June 6th to 7th.

Usually high transaction fees Specify a network congestion where users are likely to pay more so that your transactions are processed. At the time of this release, the network was ether There are currently 105,474 unconfirmed transactions while the number on the Bitcoin network is less than 1,000. The ETH’s average transaction fee rose to over $ 4 on June 11th drop back to $ 0.40.

The The highest transaction fee on the Bitcoin network was $ 55.16. Days after the cryptocurrency more than reached its ATH price $ 20,000 in December 2017.