Transaction Fees On Bitcoin Dropped To March Levels

The average size of a deal has fallen by 1.8% in the last 24 hours compared to June 2019. The drop comes after several days of growth in the number of transactions per day, prompting some analysts. believes that the market is preparing for another rally.

The fee rate is at its highest level since May 2018, when it reached $0.54 per transaction. This means that users paid 54 cents for every dollar they sent from one wallet to another.

Transaction fees are calculated based on the number of bytes or bits each transaction occupies on the blockchain network, which is then multiplied by a certain percentage based on the network occupancy rate and the number of transactions processed together a time.

In recent months, many users consider bitcoin unusable due to high fees and long confirmation times. These problems have been exacerbated by increased usage due to the impending halving event in May 2020 and the growing popularity of institutional investors looking to enter the market. without paying high fees.