After increasing by more than 1600% between April 5 and May 20, Bitcoin transaction fees are now down to $0.56.
The average transaction fee for Bitcoin has dropped below $1, and is back to levels not seen since before halving.
According to data from crypto analytics website BitInfoCharts, from May 20 to June 14, Bitcoin (BTC) transaction fees fell 91% from $6.65 to $0.56. It follows the peak halving, where costs increased by more than 1600% between April 5 and May 20.
Transaction fees after 2016 halving
BTC halving in 2016 saw fees increase 200% from $0.08 on May 1 to a local peak of $0.24 on July 31. However, transaction fees during the halving – $0.17 on July 9 – were roughly the same level in the two months post-halving to jump to $0.37 in October 2016.
Ethereum network fees exceed Bitcoin
From Cointelegraph reported that daily Ethereum (ETH) network fees exceeded BTC network fees on June 6-7.
High transaction fees usually indicate network congestion, where users tend to pay more to process their transactions.
At the time of writing, the Ethereum network currently has 105,474 unconfirmed transactions. While the amount in the Bitcoin network is under 1,000. The average transaction fee on ETH jumped to over $4 on June 11 before dropping back to $0.40.
The highest transaction fee on the Bitcoin network is $55.16. A few days after the cryptocurrency hit an ATH price of over $20,000 in December 2017.