Bittime -Bitcoin transaction fees dropped drastically just a day after hitting a record high. According to Cointelegraph, the average Bitcoin transaction fee reached $128 on April 20, the same day as the fourth Bitcoin halving event.
Bitcoin Halving April 22, 2024
BTC Transaction Fees Drop to Normal Range
As of April 21, Bitcoin (BTC) transaction fees have fallen to an average of $8-10 for medium priority transactions, as reported by mempool.space. This signals a return to normal range of transaction fees after the spike that occurred the day before.
Check Today's Crypto Market:
Surge in Transaction Fees on Halving Day
Just a day before the halving , Bitcoin transaction fees skyrocketed to $78.3 million, outperforming Ethereum by more than 24 times according to Crypto Fees. This spike in costs was triggered by several factors. One of them was a transaction fee of 37.7 Bitcoins ($2.4 million) paid to ViaBTC Bitcoin miners at the block halving. This block with a height of 840,000 became the most searched block in the 15 year history of the Bitcoin network.
Also Read How To Buy Crypto:
Additionally, the surge in fees was also driven by the activity of memecoin and nonfungible token (NFT) enthusiasts utilizing the Runes protocol, a new token standard launched at the block halving. They compete to fit data into the block, causing transaction costs to soar. A total of 3050 transactions were recorded on the block, with an average fee per user of around $800.
Impact of Halving on Transaction Fees
Even though transaction fees spiked on the day of the halving, miners were not immediately affected by the reduction in block subsidies. Currently, the Bitcoin block subsidy has been halved, from 6.25 Bitcoins to 3.125 Bitcoins per block. However, with transaction fees falling to the normal range, miners' income from transaction fees is expected to no longer be able to cover the reduction in block subsidies.
Check Crypto Prices Today:
Bitcoin vs Ethereum
Interestingly, Bitcoin transaction fees have surpassed Ethereum for six consecutive days between April 15-20. Average Bitcoin transaction fees over the last 7 days reached $17.8 million.
Bitcoin Price Unaffected
Meanwhile, the halving event itself did not have a significant impact on Bitcoin prices. According to CoinGecko, the price of Bitcoin has actually experienced a moderate increase of 1.5% since then to $64,840.
Dear Beli Crypto from Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn Complete Guide How to Buy Crypto on Bittime .
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
Lightning Network for Instant Bitcoin Transactions
Get to know Replace-by-Fee (RBF), a solution to speed up Bitcoin transactions
Bitcoin Escrow, Secure Solution for Cryptocurrency Transactions
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
Comments
0 comments
Please sign in to leave a comment.