After jumping 1,600% between April 5 and May 20, Bitcoin transaction fees fell to $ 0.56.
The average Bitcoin transaction fee has dropped below $ 1, returning to levels we haven’t seen since halving.
According to data from the crypto-analytical company BitInfoCharts, from May 20 to June 14, fees for Bitcoin transactions fell by 91% from $ 6.65 to $ 0.56. This came after fees shot up by 1,600% between April 5th and May 20th.
Bitcoin’s second half in 2016 saw a jump in fees from 200% from $ 0.08 on May 1 to $ 0.24 on July 31. Fees did not change significantly two months after the halving, and only in October 2016 were shot up to $ 0.37.
Daily fees in the Ethereum network surpassed those on the Bitcoin network on June 7.
High transaction fees indicate network congestion, during which users are likely to pay higher fees just to have their transaction processed. At the time of writing, the Ethereum network has just over 105,000 unconfirmed transactions, while Bitcoin has less than 1,000.