Despite the rebound in transaction activity, bitcoin transaction fees fell to their lowest level since March 2023.
Notable cryptocurrency analytics platform IntoTheBlock has reported a significant drop in Bitcoin (BTC) transaction fees. According to data shared by ITB, Bitcoin’s daily fee is $3.6 million, down 37.7% from the previous day.
According to IntoTheBlock, Bitcoin fees have fallen to their lowest level since March 2023, although transaction activity has picked up.
As of this writing, the number of unconfirmed bitcoin transactions in the mempool currently waiting to be added to the block is approximately 237,718.
Average Bitcoin fees up 29.4%
Meanwhile, data from YCharts shows that the average Bitcoin transaction fee is currently $1,614, up 29.4% from the previous day.
Remember that Bitcoin’s average transaction fees hit an all-time high of $30.9 on May 8, 2023. The huge increase in Bitcoin’s average fees on May 8 also saw the asset’s total daily fees reach $17.4 million. This is the highest daily fee total for bitcoin since May 2021.
Bitcoin is up 2% in 24 hours
At press time, Bitcoin is trading at around $31,300, up 2.05% in the past 24 hours, according to data from CoinMarketCap. The cryptocurrency asset has seen significant growth since the start of the year. It should be noted that Bitcoin started the year around $16,500 and is up 89% since the start of the year.
Interestingly, bitcoin is expected to skyrocket by the end of this year. As previously reported, Jeff Kendrick, principal analyst at leading international bank Standard Chartered, predicted that Bitcoin would hit $50,000 by the end of the year.
The analyst also predicted that the world’s largest cryptocurrency will hit $120,000 by next year.
Disclaimer: This content is informational and should not be taken as financial advice. Opinions expressed in this article may include the personal opinions of the author and do not reflect the opinion of The Crypto Basic. Readers are encouraged to do thorough research before making any investment decisions. UPTRENDS is not responsible for financial losses.