In 2024, Bitcoin transaction fees have stayed relatively low, particularly since the April Bitcoin halving, which reduced the BTC mining reward by half.
Bitcoin and Ether transaction fees have declined to their lowest levels in several months as the crypto market experienced one of its bloodiest weeks of 2024.
On June 23, the average Bitcoin transaction fee reached $1.93 per transaction, its lowest level since October 2023. The low fees on the Bitcoin network are a sign of lower network activity and less competition.
The transaction fees on the Bitcoin network often soar during times of high market volatility, especially when prices appreciate. The increased price speculation generates growing competition for block space.
