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Despite a rebound in transaction activity, the Bitcoin transaction fee has plunged to its lowest since March 2023.
Prominent cryptocurrency analytics platform IntoTheBlock has reported a massive plunge in Bitcoin (BTC) transaction fees. Per data shared by ITB, Bitcoin’s daily fees stand at $3.6 million, representing a plunge of 37.7% compared to its previous day.
According to IntoTheBlock, the Bitcoin fee has dropped to its lowest since March 2023, despite a rebound in transaction activity.
<blockquote class="twitter-tweet">
 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> <a href="https://t.co/xT9VMYoXOP" rel="noopener noreferrer nofollow">pic.twitter.com/xT9VMYoXOP</a>
 <a href="https://twitter.com/intotheblock/status/1679834604415401985?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 14, 2023</a>
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When writing this line, the number of unconfirmed Bitcoin transactions in the <a href="https://mempool.space/" rel="noopener noreferrer nofollow">mempool </a> waiting to be added to the block is currently around 237,718.&nbsp;
<h2 id="span-style-font-weight-400-bitcoin-average-fee-surges-29-4-span">Bitcoin Average Fee Surges 29.4%</h2>
Meanwhile, <a href="https://ycharts.com/indicators/bitcoin_average_transaction_fee" rel="noopener noreferrer nofollow">data </a> from YCharts shows that the average Bitcoin transaction fee currently stands at $1.614, up 29.4% from the previous day.
Recall that Bitcoin’s average transaction fee surged to a record high of $30.9 on May 8, 2023. The massive surge in Bitcoin average fee on May 8 also saw the asset’s total daily fee <a href="https://cryptofees.info/protocol/btc" rel="noopener noreferrer nofollow">spike </a> to a whopping $17.4 million. This marked the highest total Bitcoin daily fee since May 2021.
<h2 id="span-style-font-weight-400-bitcoin-up-2-in-24-hours-span">Bitcoin Up 2% in 24 Hours</h2>... 
<a href="https://thecryptobasic.com/2023/07/14/bitcoin-transaction-fees-plunges-to-its-lowest-since-march/" rel="noopener noreferrer nofollow">Read more</a>

Bitcoin Transaction Fees Plunges To Its Lowest Since March

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