In 2024, Bitcoin transaction fees have stayed relatively low, particularly since the April Bitcoin halving, which reduced the BTC mining reward by half.
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.
Gwei is a denomination of the Ether and is used on the Ethereum network to buy and sell goods and services. One gwei is one-billionth of one ETH.The low gas fee on Ethereum is attributed to activity moving away from Ethereum’s base layer to its layer-2 network after the
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