Ethereum

Bitcoin

Bitcoin and Ethereum transaction fees have hit their lowest levels in seven months. On June 23, the average Bitcoin transaction fee fell to $1.93 per transaction. This is the lowest it has been since October 2023. Low fees indicate decreased network activity and reduced competition for block space. 
Typically, Bitcoin transaction fees increase during periods of high market volatility. For instance, during bullish periods since 2012, fees have surged, except during the 2021 bull run. Despite Bitcoin reaching $69,000 in 2021, fees remained relatively low.&nbsp; 
Ethereum gas fees have also declined significantly. Recently, gas prices reached 1 gwei, the lowest in years. The current average gas fee on the Ethereum network is about 4.5 gwei. This decline is attributed to a shift of activity from Ethereum’s base layer to its layer-2 network following the March Dencun upgrade.&nbsp; 
Since the upgrade, average gas prices on Ethereum have dropped by about 92%. According to Layer2 Insider, layer-2 networks generated $950,000 in the last week.&nbsp; according to <a href="https://cointelegraph.com/news/bitcoin-ethereum-transaction-fees-lowest-months">Cointelegraph</a>.. 
The decrease in transaction fees comes during a challenging period for the crypto market. <a href="https://ultramining.com/news/en/impending-bitcoin-halving-may-trigger-major-hashrate-decline-say-experts/">Bitcoin's price</a> dropped below the $63,000 support level, and several altcoins have seen double-digit losses. Over the past six months, the crypto market had seen significant gains, with Bitcoin and other top cryptocurrencies reaching new highs. However, recent weeks have been dominated by bearish trends, leading to substantial losses for both leveraged and spot market participants.&nbsp;

Bitcoin and Ethereum Transaction Fees Drop to Seven-Month Lows

Ultramining_Eng

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