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Bitcoin (BTC) Transaction Costs Decrease by 30%: Over 300,000 Transactions Await Confirmation
- The average transaction fee for Bitcoin on the mainchain is currently $14.
- The trading price of BTC has experienced a steady decrease lately.
Bitcoin (BTC), the leading cryptocurrency globally, has demonstrated a persistent increase in recent days. The transaction fee for Bitcoin reached a peak not seen in two years, hitting the $30 threshold. The average expense to transfer BTC on the mainchain is now $14.
Bitcoin transaction fees have decreased from their peak. The average cost to send BTC on the mainchain is now $14.
The blockchain remains congested with over 300,000 unconfirmed transactions. pic.twitter.com/CmaheIyZrr— Mati Greenspan (@MatiGreenspan) May 11, 2023
Mati Greenspan, a well-known figure in the crypto community, tweeted that the blockchain is still experiencing congestion with more than 300,000 unconfirmed transactions.
On May 9th, the average transaction fee for Bitcoin reached $30.91. The last significant increase occurred in April 2021. Following this peak, the average transaction fee for BTC is now approximately $14.5, down from $20.34 the previous day. The fee has decreased by over 30.94% in the past 24 hours, as reported by YCharts.
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Bitcoin Surges Below 27K Mark
Some investors have noted that the rise in Bitcoin transaction fees negatively impacts the crypto market for everyday transactions. Following the recent increases, the subsequent decline may be favorable for the crypto market.
There is also an alternative for users who prefer not to incur transaction fees. When conducting a Bitcoin transaction, users can opt for the no transaction fee option. However, miners may completely disregard that transaction, and it may never reach its intended destination.
As transaction fees rise, the trading price of BTC continues to show a downward trend in recent days, indicating bearish sentiment. Recently, the largest cryptocurrency exchange, Binance, halted BTC transactions, causing the coin’s trading price to drop below the $28K level.
At the time of this report, the trading price of BTC is approximately $26,845, reflecting a decline of about 2.22% over the last 24 hours. The trading volume of the coin has risen by 2.51%, according to CoinMarketCap.
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