Transaction costs for Bitcoin, the most popular cryptocurrency in the world, have decreased significantly after reaching a record high following the Bitcoin halving event. This development has sparked interest within the cryptocurrency community.
– Bitcoin transaction fees dropped one day after hitting a record high of $128 on April 20.
– Average charge for medium-priority transactions was $8–10 as of April 21.
– The reduction in prices is a positive development for Bitcoin users burdened with high transaction fees.
– The fourth Bitcoin halving on April 20 led to a spike in fees, with ViaBTC receiving a record fee of 37.7 BTC ($2.4 million).
– Bitcoin accrued fees of $78.3 million during the halving, more than 24 times higher than Ethereum’s fees.
– Despite sustained high fees initially, costs have since decreased to about 1-2 BTC per block.
– The price of Bitcoin increased by only 1.5% after the halving event, reaching $64,840, indicating market stability post-halving.
