Bitcoin transactions fees in US dollars near all-time high levels
Bitcoin (BTC) transaction fees, measured in U.S. dollars, are approaching 2017 levels amid a massive drop in the bitcoin network hashrate.
According to several bitcoin monitoring sources, average transaction costs in BTC dollars are close to 2017 records.
According to blockchain researcher Blockchair, the average value of bitcoin transactions reached $58 on Tuesday, approaching its all-time high of more than $62 recorded in December 2017. Popular bitcoin monitoring source BitInfoCharts suggests that current BTC rates have already broken their 2017 record of $54 and are at $58 as of April 20.
Other sources, including Blockchain.com, the leading blockchain researcher, also show that the average value of a BTC transaction at 20… April was $58.
Average fee per BTC transaction. Source: Block chair
While several sources mention a BTC transaction cost of around $60, other sources indicate a much lower figure. Bitcoin’s leading analysis site, Clark Moody, reports that the average dollar value of BTC – over the last 2,016 blocks – was $27.5 at the time of writing. According to Ycharts, the average transaction fee for bitcoin at the time of publication is $43, after being reduced on the 18th. April had reached $50.
Transaction fees for BTC reached $50 in late 2017, when bitcoin first reached $20,000. At the time of writing, bitcoin was trading at $55,190 after correcting its all-time high of over $64,000 last week.
The recent increase in transaction fees for BTC comes at a time when the hash rate of the Bitcoin network has dropped significantly. On the 18th. In April, bitcoin saw the largest daily drop in the total number of hashes on the BTC network since November 2017, from 172 million terahashes per second to about 154 million per second. According to cryptowatchers, the drop is likely due to massive power outages in China’s mining hub of Xinjiang.
Amid rising BTC transaction fees, some cryptocurrency exchanges have rushed to implement cheaper ways to move bitcoin, with OKEx joining the Lightning Divert Network on Monday.