Bitcoin Transaction Fees Have Risen 800% Within One Month

Transaction charges have seen anomalous volatility amid Bitcoin’s third halving, growing over 800% in a single month.

From April 11 till Could 14, Bitcoin (BTC) transaction charges elevated by greater than 1,250% from $0.38 to $5.16.

Whereas Bitcoin transaction charges have since fallen by 33.3% to take a seat at roughly $3.44 as of this writing, charges have elevated by 36.5% because the block reward halving on Could 11.

The typical value of executing transactions on the Bitcoin community has elevated by greater than 800% in only one month, with Could posting the very best transaction charges since July 2019 up to now.

Charges are up by greater than one-third because the halving, which precipitated a rise in transaction prices of 105% over three days.

Regardless of charges reaching their highest ranges in practically one yr, present transaction prices are lower than one-tenth of the all-time highs recorded on the finish of 2017.

The run-up to Bitcoin’s second halving on July 9, 2016, noticed charges enhance roughly 200% from $0.081 on Could 1, 2016, to an area peak at roughly $0.24 posted each throughout mid-June and late-July of that yr.

Over the three days following Bitcoin’s second halving, charges fell by practically 8%. Bitcoin’s first halving on November 28, 2012, noticed charges enhance by 300% from Nov. 26 till Nov. 27, earlier than crashing again to pre-halving ranges inside two days of block rewards reducing.