- Bitcoin and Ethereum transaction fees have dropped to $7.20 and $4.80 respectively.
- The BTC and ETH sudden reduction in transaction shows about six months low.
The flagship crypto Bitcoin (BTC) and Ethereum (ETH) day-to-day transaction fees are down to $7.20 and $4.80, respectively. In particular, both BTC and ETH transaction fee downturns represent about six-month lows.
Moreover, BitInfoCharts shows that Bitcoin’s average transaction fees dropped from its ATH since April from $62.77 to the aforementioned $7.20. In fact, the $62.77 to $7.20 reduction mainly represents an 88% drop in just six weeks.
Source : Trading View
However, the sudden fall of the BTC transaction fees appears to be influenced by a drastic drop in the entire crypto market. Yet, the daily volumes keep rising. To be precise, Bitcoin volume rose from $67 billion to $30 billion on May 10.
The outstanding crypto bull run appears to have triggered the average transaction fees associated with Bitcoin and Ethereum massively. In addition, Bitcoin’s transaction fees nearly tripled within two weeks in February 2021.
Furthermore, the BTC’s fee tripled update came at the same time frame when Tesla (NASDAQ:TSLA) announced a purchase of $1.5 billion worth of Bitcoin. The Tesla $1.5 billion BTC purchase pushed Bitcoin price from its $40,000 mark to $54,410 at that time.
According to CoinMarketCap, Bitcoin and Ethereum are trading at $36,310 and $2,587, respectively, at the time of writing.
This article was first published on coinquora.com