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You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-and-ethereum-see-transaction-fees-drop-to-multi-month-lows/" data-wpel-link="internal">Bitcoin and Ethereum See Transaction Fees Drop to Multi-Month Lows</a> 
As the <a href="https://en.coin-turk.com/jesse-powells-response-to-sec-lawsuit-decels-and-a-masochist/" data-wpel-link="internal">crypto </a><a href="https://finance.coin-turk.com/" data-wpel-link="exclude">market</a> experiences one of its worst weeks of 2024, Bitcoin and Ethereum transaction fees have plummeted to their lowest levels in months. On June 23, the average Bitcoin transaction fee reached $1.93 per transaction, marking the lowest level since October 2023. The low fees on the Bitcoin network indicate lower network activity and less competition. 
<h2 class="p1" style="text-align: justify" id="interest-in-bitcoin-network-declines">Interest in Bitcoin Network Declines</h2> 
Bitcoin network transaction fees often rise during times of high market volatility, especially when prices are appreciating. Increased price speculation leads to more competition for block <a href="https://newslinker.co/category/science/space/" target="_blank" rel="noopener" data-wpel-link="exclude">space</a>. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-364601 size-full" src="https://coin-turk.com/wp-content/uploads/2024/06/btc-4.webp" alt="" width="1213" height="436"> 
As a result, every major bull run since 2012, except for the 2021 bull run when Bitcoin’s <a>price</a> reached $69,000 but transaction fees remained relatively low, has resulted in a corresponding increase in fees. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-364600 size-full" src="https://coin-turk.com/wp-content/uploads/2024/06/btc-fee.webp" alt="" width="1212" height="606"> 
<h2 class="p1" style="text-align: justify" id="what-s-happening-in-the-ethereum-ecosystem">What’s Happening in the Ethereum Ecosystem?</h2> 
On the other hand, transaction fees in the Ethereum ecosystem have also reached a new low, with transaction prices dropping to 1 gwei, the lowest level in recent years. At the time of writing, the current gwei level on the Ethereum network was 4.5 gwei. Gwei is a unit of Ethereum and is used to buy and sell goods and services on the Ethereum network. One gwei is one-billionth of an Ethereum. 
<img loading="lazy" loading="lazy" decoding="async" class="size-medium wp-image-364599 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/06/eth-5-176x170.jpg" alt="" width="176" height="170"> 
The low transaction fee on Ethereum is attributed to activities moving from Ethereum’s main layer to the Layer-2 network following the Dencun upgrade in March. Since the Dencun upgrade, average gas prices on Ethereum have dropped by approximately 92%. According to a report by Layer2 Insider, Layer-2 networks earned $950,000 last week. 
<img loading="lazy" decoding="async" loading="lazy" class="aligncenter wp-image-364598 size-full" src="https://coin-turk.com/wp-content/uploads/2024/06/eth-l2.jpg" alt="" width="1920" height="1081"> 
The low transaction fees on the top two <a>cryptocurrency</a> networks come during one of the worst weeks for the crypto market in 2024. Bitcoin’s price fell below the $63,000 price support, while several altcoins experienced double-digit losses. Over the past six months, the crypto market has seen significant gains as leading cryptocurrencies like Bitcoin and several altcoins reached new all-time highs. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-and-ethereum-see-transaction-fees-drop-to-multi-month-lows/" data-wpel-link="internal">Bitcoin and Ethereum See Transaction Fees Drop to Multi-Month Lows</a></h5>

Bitcoin and Ethereum See Transaction Fees Drop to Multi-Month Lows

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