Bitcoin and Ether transaction fees have dropped to their lowest levels in months as the crypto market faces a tumultuous period. On June 23, the average Bitcoin transaction fee fell to $1.93, the lowest since October 2023. Reduced fees indicate decreased network activity and competition. High market volatility typically leads to soaring Bitcoin fees, driven by price surges creating block space competition. Notably, the 2021 bull run saw low fees despite BTC hitting $69,000. Ether gas fees have also hit a historic low, with prices as low as 1 gwei. Ethereum's gas fee decline is linked to activity shifting to layer-2 networks post-Dencun upgrade, reducing average gas prices by 92%. Amidst a market downturn, Bitcoin dropped below $63,000, with altcoins also facing losses. Despite recent setbacks, the crypto market had seen significant growth, but recent bearish trends have caused losses for leveraged traders and spot holders. Read more AI-generated news on: https://app.chaingpt.org/news
