As Bitcoin (BTC)’s price nears its all-time high, the cost of sending Bitcoin has dropped to its lowest in nearly a year.
As Bitcoin (BTC)’s price nears its all-time high, the cost of sending Bitcoin has dropped to its lowest in nearly a year. According to data from Bitinfocharts, the average transaction fee on the Bitcoin blockchain dropped to $0.73, the lowest since August 2023, when it briefly dipped to $0.64. It has since increased slightly to $0.903, or around 0.000014 BTC.
Currently, Bitcoin is trading at around $66,300 per coin, having surged to $70,000 on Monday on the back of Trump’s keynote address during the Bitcoin 2024 conference. Trump promised to establish a national "strategic Bitcoin stockpile" if elected, raising investors’ optimism. However, it failed to break above the $70,000 level, and is down 4.2% over the past 24 hours.
Bitcoin transaction fees typically spike when the network is congested. During periods of high activity, users must compete for transaction processing, allowing miners, who validate transactions and mint new coins, to charge higher fees for expedited processing.
Despite the recent low in fees, the Bitcoin network has experienced significant fee surges in the past. For instance, in April, the cost to send Bitcoin soared to a record $128 per transaction. This spike was largely due to the launch of Runes, a new standard for creating tokens on the blockchain, which clogged the network with activity.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators.
This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice.
The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
