Blur

Bitcoin

Bitcoin’s price tanked for the better part of this week. In the last three weeks, Bitcoin’s volatility has been at ATH. The price drop follows the German government offloading 50,000 seized BTC.&nbsp;
Also Read: <a href="https://www.cryptopolitan.com/why-is-bitcoin-up-today-btc-above-58k/" rel="noopener noreferrer nofollow">Why is Bitcoin up in the weekend? BTC stabilizes above $58K</a>
To that end, BTC transaction fees on the Bitcoin network have dropped for months after reaching a high during the Bitcoin halving event. On-chain data from IntoTheBlock shows a dip going back months.&nbsp;
In a post on X (formerly Twitter), they add, “Total Bitcoin fees have decreased by 18% this week, following a 27% drop from the previous week. Weekly fees have now reached their lowest level since November 2023.”
<figure class="wp-block-image">
 <figure style="width: 100%" class="wp-caption alignnone"><img loading="lazy" decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXcwkiPV4WL8NNgJ7rC-NG7Fhxo98t6--cxpHXbPzpUlCkCA1UUFYqGloOXg741h5iiURI4NgCrlgk1yxwhf7ig0p2F14gQV--TLofv42RzKFsnwz_Q7fFxkqEVep_3gdyg3oF8royH5GRn6HJrbOj9tCcX4?key=mLYy-DeM-b4m_0WvuLvdVg" alt="" width="531" height="531">
 <figcaption class="wp-caption-text">
 Source: IntoTheBlock
 </figcaption>
 </figure>
</figure>
Bitcoin had the highest transaction fees of all protocols three months ago, including Ethereum. For a few days before the last BTC halving event, the network’s fees consistently outpaced all others as traffic increased.
The debut of the Runes protocol, which happened on the halving day, was a key contributor to the increase in transaction costs. Runes allow for the issuance and transfer of fungible tokens on the network and the coupling of this new invention with the previously existing Ordinals protocol.
However, transaction fees fell sharply a few days following the halving, dropping 35% of BTC miner earnings from 75% before the event. Daily BTC fees reached a new all-time high of $80 million on the halving day. However, the network had recorded fewer than $6 million in revenue every week at the time of writing.
According to data from mempool.space, the average cost of a BTC transaction is approximately 5 sats/vByte ($0.0029), a far cry from the 90 sats/vByte ($8.50) recorded in mid-April.&nbsp;
<figure class="wp-block-image">
 <figure style="width: 100%" class="wp-caption alignnone"><img loading="lazy" decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXdXi4795IBA4rNQVccwVCbGh-ql17ymz3BpQIt7R7QYPQOPu9Zed3FNxdNG0FLhOyttnHo6pQKvtaubpW3lLKF3WSitBtG19s8j956YFADt0s1JuRa1VmPwqkI4awC3WzsLRmAlADfijEwi9_fApojzBr-R?key=mLYy-DeM-b4m_0WvuLvdVg" alt="" width="923" height="307">
 <figcaption class="wp-caption-text">
 Source:&nbsp; mempool.space
 </figcaption>
 </figure>
</figure>
Furthermore, <a href="https://ycharts.com/indicators/bitcoin_total_transaction_fees_per_day" rel="noopener noreferrer nofollow" target="_blank">YCharts </a>data shows that BTC&nbsp; generates less than $1 million in transaction fees daily. The network last registered $1 million in transaction fees on July 3; on July 11, the fees totaled $721,599.
The drop in BTC transaction fees can be linked to several factors, the most notable of which is a decrease in network activity, which coincides with an overall decline in the border market. Bitcoin’s value has declined significantly in recent weeks, reaching levels not seen since late February.
At the time of writing, BTC is worth $58,876.12, up 0.3% from an hour ago and 1.3% from yesterday. The value of BTC today is 2.6% greater than it was seven days ago.
Also Read: <a href="https://www.cryptopolitan.com/blur-recovers-9-8-after-machi-sold-all-coins/" rel="noopener noreferrer nofollow">Blur recovers 9.8% after Machi Big Brother sold all his 18M $BLUR coins</a>
The drop in Bitcoin transaction fees can be linked to several factors, the most notable of which is a decrease in network activity, which coincides with an overall decline in the border market. Bitcoin’s value has declined significantly in recent weeks, reaching levels not seen since late February.
At the time of writing, Bitcoin is worth $58,876.12, up 0.3% from an hour ago and 1.3% from yesterday. The value of BTC today is 2.6% higher than it was seven days ago.

Bitcoin fees drop by 18% in one week

Cryptopolitan_News

Other articles published on Jul 13, 2024

Cryptocurrency: JPMorgan Announces an Imminent Market Comeback!

Latest Comparison Finds MoonBag Referrals Rewards Performing Good While Avalanche Face Technical ...

BlockDAG New CGI Video: A Potential to Takeover Crypto Giants; Stellar Powers Up Payments, Ethere...

Achieve Financial Success With MoonBag Crypto! Sideline The Unstable BlastUP And Tokenize Xchange...

Crypto Analyst Says Bitcoin Price Will Surge 500% To $330,000, Here’s When

Solana-Based Pump.fun Emerges As The Go-To Platform For Memecoin Creation, Report

Join our free newsletter for daily crypto updates!