Bitcoin Transaction Fees Hit 10-Month High Ahead of Its Halving
The average transaction fee on the Bitcoin network recently hit a 10-month high, ahead of the halving, as demand for space on the network appears to be on the rise. Data from BitInfoCharts show that the average transaction fee for BTC surged to $2.94 on April 30, a level that hadn’t been seen since July 2019.
One day before the rise on April 30, the fees were at $1.28, and the day before that they were at $0.66. The average transaction fee has since dropped below $2, and is currently sitting at $1.8. Despite the drop, it’s worth noting that throughout April the average transaction fee kept on rising.
In January of this year, the average fee to transact on the Bitcoin network was $0.29, showing how significantly demand for block space has been growing so far this year. Fees on the BTC network hit an all-time high above $50 in December 2017, when the cryptocurrency hit its all-time high near $20,000.
Data shows that the number of confirmed bitcoin transaction per day dropped significantly earlier this year during the so-called ‘Black Thursday’ after the price of BTC plummeted 40% in little over 24 hours, and is only now recovering.
