BTC Average Transaction Fees Hit Lowest Levels In Two Years

The BTC Average transaction fees hit the lowest levels in two years from the all-time high of $62.788 in April 2021 before coming down so let’s read mroe today in our latest Bitcoin news today.

The average BTC transaction fee saw a drop from an all-time high in April 2021 and the average transaction fee per BTC transaction made a complete 360-degree in two years to settle down at $1.039 a number which was last recorded back in June 2020. The BTC Average transaction fees represent the cost to transfer any amount of BTC which is directly proportional to the time that it takes to validate and to complete the transaction.

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— Sam Mugel (@SamMugel) April 14, 2022

As it can be seen by Blockchain.com, the average BTC transaction fee saw a huge drop from an ATH of $62.788 in April 2021 before coming down to an eight-month average of $2 in July 2021. Before April 2021, BTC’s average transaction fees surged in 2017 and stood at $54.638 and the sudden spike in the fees at the time showed a huge decline in the BTC network hash rate. However, the BTC network hash rate maintained a newly attained ATH of 248.11 EH/s and as a result, Bitcoin’s highly resilient network can process secure BTC transactions at much lower costs. The BTC price volatility showed greater stability as it oscillates between $35,000 to $45,000 over the year as can be seen below based on the data from Tradingview.

With more jurisdictions ready to loosen up on the BTC ecosystem alogn with the timely network updates, the increase in participation will further ensure a stronger network while playing the deflationary role in the BTC price. Quantum computing firm Multiverse Computing ran simulations with the adoption of BTC and ETH in Canadian markets to study the viability as the mainstream payment method.
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As earlier reported, According to an Arcane Research report, Bitcoin’s transaction fees quickly doubled recently but are still low with no other signs of rising. There was a bump in transaction fees last week and it showed that a small jump at the tail end of the graph clustered the meme pool and pushed up the average fees per day over the past week to $691,000 which is a double since a week ago. The doubling in transaction fees is not so significant because the fees remain low and miners are churning in the meme pools securing the network while also keeping the transactions affordable.