Bitcoin Fees Fall Sharply After Hit the Historically Record on the Havling Day

Bitcoin Fees Fall Sharply After Hit the Historically Record on the Havling Day

Reported by Cointelegraph, the average fees paid on Bitcoin have sharply fallen just a day after reaching a record average of $128 on April 20 — the day of the fourth Bitcoin halving.

As of April 21, Bitcoin (BTC) fees have fallen to an average of $8-10 for medium-priority transactions, according to mempool.space.

Only one day before, Bitcoin clocked $78.3 million in total fees, beating Ethereum by over 24 times according to Crypto Fees.

The day included a staggering 37.7 Bitcoin ($2.4 million) paid to Bitcoin miner ViaBTC in the Bitcoin halving block at block height 840,000 — making it the most sought-after piece of digital real estate in the network’s 15-year history.

Much of the demand at block 840,000 came from memecoin and nonfungible token enthusiasts competing to inscribe and etch rare satoshis via the Runes protocol — a new token standard that launched at the halving block.

3050 transactions were included in that block, meaning the average user paid a little under $800. The higher-than-normal block fees continued until about block 840,200, according to mempool.space, however, block fees have since fallen to around 1-2 Bitcoin.

Source

Bitcoin

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