Transaction fees of Bitcoin and Ethereum hit their lowest level in the last six months as the market decline began to slow.
According to BitInfoCharts data, the average transaction fee on the Bitcoin blockchain reached an all-time high of $62.77 in mid-April. This number has dropped 88 percent in the six weeks since, to $7.20.
The decline in bitcoin transaction fees appears to be due to the overall decline in market activity. According to CoinGecko data, the daily trading volume, which was $ 67 billion on May 10, decreased to $ 30 billion as of the time of translation publication.
In the 2021 bull market, the transaction fees of Bitcoin and Ethereum rose to unprecedented levels.
Bitcoin transaction fees have nearly tripled in the past two weeks after Tesla announced on February 8 that it had purchased $1.5 billion worth of BTC.
With the coin reaching an all-time high of $64,804 on April 14, the transaction fee also saw $62.77.
YCharts data reveals that Ethereum’s record-breaking average transaction fee, which reached $ 72.21 on May 20, decreased by 93 percent to $ 4.80 in the meantime.
The proliferation of Ethereum-based decentralized finance tokens and NFTs has resulted in the average Ethereum transaction fee approaching $40 at the end of February, from $3.50 at the beginning of the year.
Ethereum transaction fees set a record, reaching $71.21 on May 19.