The average BTC transfer fee was $ 12
The growing interest in Bitcoin from traders is accompanied by an increase in transaction fees. Due to the bullish rally, the commission is $ 12. Data provided by BitInfoCharts
Today's figure is the highest since November 5. Moreover, a sharp jump took place quite recently. On December 13, 2020, sending bitcoins averaged $ 2.7. And in less than a week, the average transaction fee rose 344%. This is due to a sharp rise in the price of BTC, which has risen in price by 26% over the past week.
There is nothing unusual about increasing transaction fees. This indicator always rises when there is a surge in activity on the blockchain. After all, there are a limited number of miners on the network, and it is profitable for them to receive more commissions. Especially if the processing of the transaction requires more capacity.
According to Joe DiPaskuale, CEO of BitBull Capital, miners are slowly adapting to changing user activity. Therefore, transaction costs rise.
Recall that in the entire history of Bitcoin, the maximum commissions were recorded in December 2017, when the cryptocurrency rose in price to $ 19,500. The transaction fee was $ 50.