Fees charged by miners for transferring BTC have dropped to the lowest in two years
Chinese crypto journalist and blogger Colin Wu shared that Bitcoin fees fell to the lowest level since June 2019 and gained almost $62 less than a year ago.
The journalist cited data provided by South Korea-based CryptoQuant on-chain analytics vendor.
According to the data company, BTC transaction fees have fallen from an all-time high of $62.7 last April to $1.039 per transaction now. This makes it a two-year low as, in June 2019, the average BTC fee was around $6.5.
During the previous times that BTC fees went up and down, drops happened simultaneously with the Bitcoin price. In 2017, on Dec. 23, when the price hit an all-time high of close to $20,000, the average fee to send some BTC reached as high as $54.9.
However, after the price dropped, over the next two months the fee dropped to $0.161. It should be noted here that traders sometimes choose to pay a higher fee if they want their transaction to be verified faster, as miners choose the “highest paying” transfers from the BTC mempool and include them in the BTC mempool first. new data block.
Earlier today, the price of the global flagship crypto briefly dropped below the $39,000 level, hitting the $38,500 zone—the lowest decline in the past 80 days.
