Fees charged by miners for transferring BTC have dropped to the lowest in two years

Bitcoin fees have dropped to their lowest level since June 2019 and increased by nearly $62 less than a year ago.

Bitcoin Transaction Fee Hits 2-Year Low as BTC Plunges Below $39,000

Also, according to South Korea-based online chain analytics provider CryptoQuant, BTC transaction fees have dropped from an all-time high of $62.7 it saw last April to $1,039 per transaction now. This puts it at a two-year low, as in June 2019, the average BTC fee was around $6.5.

fees-charged-by-miners-for-transferring-btc-have-dropped-to-the-lowest-in-two-years

Source: CryptoQuant

Before BTC fees rose and fell, the drop happened concurrently with the Bitcoin price. In 2017, on December 23, when the price hit an all-time high of almost $20,000, the average fee for sending some BTC amounted to $54.9.

However, after the price dropped, over the next few months, the fee dropped to a low of $0.161. It should be noted here that sometimes traders choose to pay higher fees if they want their transactions verified faster, as miners choose the “most highly paid for” transfers from the BTC mempool and include them in the new block of data first.

Earlier today, the price of the leading global cryptocurrency briefly dipped below $39,000, hitting $38,500 – its lowest drop in 80 days.

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