Bitcoin fees plummeted after hitting an average of $128 on the Bitcoin halving day.

Bitcoin’s (BTC) network fees plummeted just days after hitting a record daily average of $128 during the fourth Bitcoin ​​halving on April 20.

The average fee for a medium-priority transaction in Bitcoin is said to be between $9 and $10 as of April 22. mempool.space.

Bitcoin fees are higher than Ethereum’s gas costs

up to bisector, Bitcoin’s network fees soared to more than 24 times that of Ethereum (ETH). The Bitcoin network also recorded approximately $78.3 million in fees during the halving. Cryptocurrency Fees.

During the same period, 37.7 Bitcoin worth $2.4 million were paid out to Bitcoin miner ViaBTC with a block height of 840,000. This made block 840,000 the most popular block in Bitcoin’s 15-year history.

Meme coins and non-fungible tokens (NFTs) accounted for most of the demand at block 840,000. Enthusiasts competed to engrave rare satoshis onto the network via the Runes protocol, a new token standard that debuted in the halving block.

About 3,050 transactions were then recorded in the block, pushing the average network fee to $800. These above-normal block fees continued until block number 840,200.

Cryptocurrency markets may trade sideways in the coming months

While trading fees have soared, the price of BTC has traded relatively flat. In the last 24 hours, market leaders have: get More than 1% is trading at $66,167.52 as of 3:15 a.m. ET. The increase was enough to take BTC’s weekly performance out of the red.

#Bitcoin Miners Can Sell $5 Billion BTC, Possible Sideways Trading for 6 Months -> Here’s Why: https://t.co/gLRgs8yyGg pic.twitter.com/zBLdV95MAl

— 10x Research (@10x_Research) April 13, 2024

BTC’s sideways trading could continue, with the broader market at risk of entering a “six-month lull” now that the halving has passed, according to 10X Research. bitcoin Miners have said they may liquidate up to $5 billion of Bitcoin in the coming weeks to make up for lost profits.

Network fees surged during the halving, delaying the impact of the event on miners, but fees have since decreased. As a result, miners may soon begin selling inventory “gradually” to “prevent a revenue cliff from occurring,” research director Markus Thielen said in an April 13 research note.

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