In 2024, Bitcoin transaction fees have stayed relatively low, particularly since the April Bitcoin halving, which reduced the BTC mining reward by half.
Bitcoin and Ethereum transaction fees have dropped to their lowest levels in several months as the crypto market faced a significant downturn in 2024.
On June 23, the average Bitcoin transaction fee fell to $1.93 per transaction, its lowest level since October 2023. The reduced transaction fees on the Bitcoin network indicate lower activity and decreased competition.
Similarly, Ethereum transaction fees have also seen a notable decline, reflecting the broader trend of reduced transaction costs across major cryptocurrencies.
Summary Review: The significant drop in Bitcoin and Ethereum transaction fees highlights a period of reduced activity and competition in the crypto market. This trend follows the April Bitcoin halving and comes during a challenging time for the market in 2024.
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