Bitcoin Transaction Fees Surges 800% in One Month May 18, 2020 May 18, 2020 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Bitcoin NewsMay 18, 2020 by Kelly Cromley

Bitcoin Transaction Fees Surges 800% in One Month

Between April 11 and May 14, Bitcoin (BTC) transaction charges surged by over 1,250% to $5.16, from $0.38.

However, in the past four days, Bitcoin transaction charges have decreased by roughly 33% to $3.44.

Notably, since the day of blockreward halving i.e., May 11, Bitcoin transaction charges have increased by 36.5%.

The average fee for validating transactions on Bitcoin blockchain has increased by over 800% in a matter of one month, with May recording the highest transaction charges since July 2019.

Fees have increased by over 1/3rd from the day of halving, which caused a 105% jump in transaction costs in three days.

Even though fees touched their historic high levels in almost one year, current transaction charges are lower than 10% of peak rates charged in December 2017.

Notably, as Bitcoin neared its second halving event on July 9, 2016, fees surged 200% to approximately $0.24 (mid-June to late-July period), from $0.081 on May 1, 2016.

Bitcoin’s first-ever halving even took place on November 28, 2012. During that period (November 26-27), fees rose by 300% before falling back sharply to pre-halving levels within two days of a drop in block rewards.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.