The average fee for a Bitcoin transaction jumped by 300%

Bitcoin Halving is coming in approximately 13 hours.

Shortly before the key event, BTC’s transaction fees jumped 300%.

According to data from Bitinfocharts , each Bitcoin transaction on May 8 worth at most $ 3.19, an increase of 300% of the value of $ 0.62, recorded on April 26. The last time the transaction fee was over $ 3 was in July 2019.

Historically, fees for Bitcoin transactions before halving always increase before the event itself. In the weeks before the last Halving on July 9, 2016, fees jumped significantly, reaching $ 0.62, averaging $ 0.10, over 24 hours.

In December 2017, when Bitcoin peaked at almost $ 20,000, the average transaction fee was $ 55. Roger Verr claimed to have paid a $ 1,000 fee during that period.

Many traders are left with a very bullish attitude towards halving. High fees can indicate the willingness of merchants to pay a premium to process their transaction faster.