This week Bitcoin transaction fees decreased by 18%; In the previous week, a 27% decrease was observed. This shows that a trend has continued since the last halving event and the dynamics in the Bitcoin network have changed. According to IntoTheBlock, transaction fees are at their lowest levels since November 2023, marking a significant shift.
The 18% decline experienced this week extends the downward trend after the halving. Current fee levels have fallen to the lowest level since November 2023, which could offer more affordable transactions for users in the Bitcoin ecosystem. Three months ago, Bitcoin's transaction fees were extremely high, surpassing even those of Ethereum. This increase was a result of increased network activity around the halving event and the introduction of the Runes protocol. Runes expanded the functionality of the network and complemented the existing Ordinals protocol by allowing the issuance and transfer of portable tokens.
After the halving, fees, which accounted for 75% of miners' income, dropped to 35%. Daily transaction fees have fallen from $80 million at the peak of the halving to less than $6 million weekly. Currently the average cost of a Bitcoin transaction is approximately 5 sat/vByte, which works out to approximately $0.0029. This represents a significant decline from its peak of 90 sats/vByte ($8.50) in mid-April. YCharts data reveals that Bitcoin's daily transaction fees have fallen below $1 million, a significant decrease from $1 million on July 3.
This huge decrease in Bitcoin transaction fees provides a more economical environment for users. While the previous increase in fees could be attributed to the introduction of the Runes protocol, the current decrease is partly due to decreased network activities and Bitcoin's recent price drop. Transaction costs at their lowest levels since November 2023 may present a favorable period for users to make transactions.
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I EXPLAIN IN DETAIL.
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