After increasing more than 1600% between April 5 and May 20, Bitcoin transaction fees have now dropped to $0.56.
The average transaction fees for Bitcoin have dropped under the $1 mark, and are back to levels not seen since before the rewards halving.
According to data from crypto analytics website BitInfoCharts, from May 20 until June 14, Bitcoin (BTC) transaction fees decreased by 91% from $6.65 to $0.56. This follows a post-halving peak, in which the fees increased more than 1600% between April 5 and May 20.
Transaction costs following 2016 halving
The second BTC halving in 2016 saw fees increase 200% from $0.08 on May 1 to a local peak at $0.24 on July 31. However, the transaction fees during the halving — $0.17 on July 9 — were roughly the same levels at two months post-halving until surging to $0.37 in October 2016.
Ethereum network fees surpass Bitcoin’s
Cointelegraph reported that the daily Ethereum (ETH) network fees surpassed those of the BTC network on June 6-7.
High transaction fees normally indicate network congestion, during which time users are likely to pay more to have their transactions processed. At the time of writing, the Ethereum network currently has 105,474 unconfirmed transactions, while the number in the Bitcoin network is under 1,000. The average transaction fee on ETH surged to more than $4 on June 11 before dropping back to $0.40.
The highest transaction fee on the Bitcoin’s network was $55.16, days after the cryptocurrency reached its ATH price of more than $20,000 in December 2017.