Ethereum

2024

Bitcoin

when

<ul>
 <li>The average Bitcoin transaction fee hit its lowest point since October 2023.&nbsp;</li>
 <li>The average price of Ethereum gas has dropped by over 92% after the Dencun upgrade.</li>
</ul>
Amidst the most volatile week of 2024 in the cryptocurrency market, the transaction costs for Bitcoin and Ether hit a new low, the lowest in several months.
With a low of $1.93 per transaction on June 23, the average <a href="https://thenewscrypto.com/metaplanet-expands-bitcoin-holdings-with-6-25-million-purchase/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> transaction fee hit its lowest point since October 2023. The lack of competition and limited network activity is shown by the Bitcoin network’s cheap fees.
When the market is very volatile, particularly when prices are going up, the transaction fees on the Bitcoin network tend to skyrocket. With more people speculating on the market value of cryptocurrencies, competition for block space is heating up.
Thus, costs have increased in tandem with every significant bull run since 2012, with the exception of the 2021 bull run, during which Bitcoin (BTC) prices reached $69,000 but transaction fees stayed relatively low.
<h3 class="wp-block-heading" id="h-similar-case-with-ether">Similar Case with Ether</h3>
Furthermore, gas fees for <a href="https://thenewscrypto.com/will-ethereum-hold-3500-amidst-market-uncertainty/" target="_blank" rel="noopener noreferrer nofollow">Ethereum</a> have dropped to a new low, with prices as low as 1 gwei—the lowest they’ve been in years. At the moment, 4.5 gwei is the gas fee on the Ethereum network. On the Ethereum network, one may purchase and sell products and services using Gwei, a denomination of Ether. One gwei is equivalent to one-billionth of ETH.
Due to transactions shifting from Ethereum’s base layer to its layer-2 network with the March Dencun upgrade, the gas fee on Ethereum is quite cheap. The average price of Ethereum gas has dropped by over 92% after the Dencun upgrade.&nbsp;
Layer2 Insider claims that the layer-2 networks made $950,000 in the last week. As per data from <a href="http://coinmarketcap.com" target="_blank" rel="noopener noreferrer nofollow">CMC</a>, several altcoins saw losses of double digits as the price of Bitcoin fell below the $62,000 mark.
Highlighted Crypto News Today:
<a href="https://thenewscrypto.com/coinshares-nets-116-profit-from-ftx-claim-sale/" target="_blank" rel="noopener noreferrer nofollow">CoinShares Nets 116% Profit from FTX Claim Sale</a>

Bitcoin and Ether Transaction Fees Plummet to Multi-Month Lows

Table of Contents

TheNewsCrypto

Other articles published on Jun 24, 2024

ICP Price Prediction: Is Internet Protocol Going Past $50?

Innovation in Crypto Trading Bots

Maker (MKR) Price Prediction 2025, 2026, 2027, 2028, 2029 and 2030

Can Qubetics Whitelist Be a Safe Haven for Investors Worried About Binance and Ripple?

Which Crypto To Buy 2024: BlockDAG Surges Ahead with 1120% Increase Attracting Shiba Inu & Optimi...

OpenSea Criticized For Shadowbanning Kemonokaki NFT – Its NFT Sales Soar 300%

Join our free newsletter for daily crypto updates!