Average BTC Transaction Fees Surges More Than 300% With Halving Just A Day Away
Average BTC Transaction Fees Surges More Than 300% With Halving Just A Day Away
May 11, 2020
Average BTC Transaction Fees Surges More Than 300% With Halving Just A Day Away
Average BTC Transaction Fees Surges More Than 300% With Halving Just A Day Away
May 11, 2020

With the third Bitcoin rewards halving just a day away, the average value of transaction fees has surged more than 300%.

According to data on Bitinfocharts, the average transaction fees for Bitcoin on May 8 peaked at $3.19- an increase of over 300% from the average fee on April 26, $0.62.

The last time the average BTC transaction fee was over $3.00 was in July 2019. Historically, Bitcoin transaction fees prior to a halving event have always increased markedly.

Source: Bitinfocharts

The last halving on July 9, 2016, saw transaction fees skyrocket in the weeks prior, even briefly peaking at an average of $0.62/transaction when the value was around $0.10 within a 24-hour window.

Source: Bitinfocharts

In December 2017, when Bitcoin reached its all time high price of approximately $20,000, the average transaction fee was roughly $55.

Recently, Bitcoin Cash (BCH) proponent, Roger Ver claimed he was charged with fees exceeding $1,000.

Many traders become increasingly bullish on Bitcoin as the block reward halving approaches. An increase in the average transaction fee may indicate that users are willing to pay more to get their transactions processed faster.

ALSO READ :  AnChain.AI Partners With Bluehelix To Launch Solutions Addressing Compliance Within Blockchain Networks

Source: Cointelegraph | Image: Pixabay

Disclaimer

Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Jafrin Ahmed

Crypto newbie passionate about creating resourceful content on blockchain technology, cryptocurrencies and decentralized apps.