Bitcoin Transaction Fees – Unusually Low Values for 7th Straight Month
It’s possible that this is due to the drop in the amount of transactions per-day, the all-time high was in April of 2021
Data: Bitcoin Transaction Fees Registers Unusually Low Values For 7th Straight Month
“As per the latest weekly report from Arcane Research, the BTC transaction fees is still not showing any signs of rise since the plunge from its all-time high back in April 2021.
The ‘transaction fee’ is a type of reward that miners receive for hashing transactions. The user sending the Bitcoin attaches this fee with the transfer, and it’s up to them to decide on the amount of it.
When senders want their transaction to be completed faster, they can opt to provide higher than average transaction fees so that miners are incentivized to handle their transfer first.
Back in April of last year, the average Bitcoin fees had reached a new ATH of $63. However, soon after, the metric started plummeting and by July 2021, it had attained abnormally low values.”