Bitcoin Transactions Now Cost An Average Of $12: Report

As per the latest analysis that we have in today’s BTC news, Bitcoin transactions now cost an average of $12 thanks to the increase of the price of the number one cryptocurrency over the $23,000 price range. Bitcoin is again, expensive to use as the fees increased by 344%.
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The average cost of sending one Bitcoin transaction now costs $12 according to the data from BitInfoCharts which is the highest level since November 5, when the benchmark cryptocurrency started the bull run. The average cost of sending a coin was $2.7 which marks an increase of 344% in less than a week. The rising bitcoin fees are the side effect of the BTC record-breaking surge in which the price hit a new all-time high of $23,700 on Thursday, increasing 26% in the past seven days. Bitcoin’s current price is $23,575, increasing by 5% in the past day.

BTC fees usually increase when there’s a sufficit of activity on the blockchain as there are finite supply miners that are willing to process the transactions so the fees increase whenever the demand for processing the transaction outstrips the supply. This means that only the ones that have to transact BTC will pay the high prices required to send the currency between wallets. The CEO of BitBull Capital Joe DiPasquale said:

“Bitcoin’s transaction fees are based on miners’ availability (supply) and the amount of movement of the crypto asset (demand). With the rapid spike in usage and transfers, and miner capacity growing more slowly, Bitcoin’s transfer price has elevated.”

The simple explanation for high fees is the BTC price. Lots of people want to trade BTC whether buying with expectations that it will increase to higher prices or cash out because of the fears that the coin could burst just like it did in the previous bull run in 2017. The last time average BTC fees increase to these levels, was when the price started increasing by $2000 in just a few weeks. 2017 holds the record for the highest BTC fees since during the bull run, the average fees hit $50. One explanation of why the fees haven’t increased as much is that this bull run is with far more BTC miners available to process transactions today than there were three years ago.