Bitcoin transaction fees have experienced a significant drop, plummeting by more than 90%. After reaching a daily high average of $128.45 on Saturday, they have fallen to between $9 and $11.
Bitcoin Transaction Fees Rise and Fall Within 24 Hours
For the first time in over five years, Bitcoin transaction fees jumped above $100 on the day of the fourth Bitcoin halving. As shown by Crypto Fees, bitcoin transaction fees surpassed Ethereum by about 24 times, recording $78.3 million in fees in one day.
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However, the hike in transaction fees has reduced after the halving event. According to Mempool at press time, no-priority Bitcoin transactions are charged $1.85, low-priority transaction fees are $9.87, and medium-priority and high-priority transactions are charged $10.52 and $10.80, respectively.
The sudden surge in bitcoin transaction fees following the halving, which coincided with a reduction in rewards to 3.125 BTC per block, demonstrated the cryptocurrency’s resilience.
Despite the increased costs, Bitcoin managed to maintain a price above $63,000, a testament to its robustness in the market. This situation required traders and investors to acquire more BTC to settle their transactions, further bolstering its value.
The halving didn’t immediately impact Bitcoin’s price, as it currently trades a little above $66,000. However, investors and Bitcoin whales remain optimistic, as they keep looking forward to creating a new all-time high (ATH) and seeing the price of Bitcoin double before the end of the year.
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Read Also: One Wallet Burns Over 207 Million Shiba Inu Amid SHIB Price Fall
New Project Launches at the Bitcoin Halving Block
Additionally, the fee pump may have been traced to the introduction of Runes Protocol, a new token standard released on the halving block 840,000. About nine blocks after the halving, Minters paid up to $49.5 million in fees to acquire the rarest of it.
Casey Radamor, a popular Bitcoin developer and the founder of Ordinals, introduced a new project on the halving block, Runes. Like Ordinals, Runes allows users to mint tokens on the blockchain. However, Unlike Ordinals, which is non-fungible, Runes is meant to join the trend of memecoins in the crypto industry as many crypto users have joined the memecoin craze.
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