📰 Table Of Contents
Bitcoin Transaction Fees Experience Significant Drop
Bitcoin transaction fees saw a notable decrease just one day after hitting an all-time high average of $128 on April 20, coinciding with the fourth Bitcoin halving.
Average Fees Drop to $8-10
On April 21, the average fees for medium-priority transactions on the Bitcoin network fell to a range of $8-10, according to data from mempool.space.
Record Fee Paid to Miners
The Bitcoin halving block at block height 840,000 included a remarkable 37.7 Bitcoin (equivalent to $2.4 million) paid to Bitcoin miner ViaBTC, marking it as the most sought-after piece of digital real estate in the network’s history.
Enthusiasts Drive Demand
The demand for block 840,000 was largely fueled by enthusiasts of memecoins and non-fungible tokens (NFTs) competing to inscribe and etch rare satoshis using the Runes protocol, a newly launched token standard that debuted at the halving block.
Fee Trends Post-Halving
Following the halving, fees have decreased to around 1-2 Bitcoin per block, after peaking at an average of $800 per user in block 840,000.
Bitcoin Price and Halving Impact
Despite the halving event, Bitcoin’s price has risen by 1.5% to $64,840, with further gains recorded in the days following.
Long-Term Price Outlook
Analysts anticipate potential price fluctuations post-halving, but the long-term consensus remains bullish, with historical data showing significant price surges in the year following previous halving events.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
