The average transaction cost of Bitcoin has fallen below the price of $ 1 or around 14 thousand IDR, and has returned to levels not seen since before halving.
According to data from the BitInfoCharts crypto analytics website, from May 20 to June 14, Bitcoin transaction fees (BTC) fell 91% from $ 6.65 to $ 0.56 today. This follows the post-halving peak, where costs increased by more than 1600% between April 5 and May 20.
Bitcoin Transaction Fees After Halving 2016
Halving BTC in 2016 then made costs to increase by 200% from the original $ 0.08 on May 1, 2016 to the local peak at $ 0.24 on July 31, 2016. However, transaction costs during halving occurred to $ 0.17 on July 9, 2016. This was roughly the same rate in the two post-halving months until it finally jumped to $ 0.37 in October 2016.
Ethereum Network Costs Surpass Bitcoin
As reported by Cointelegraph, recently the daily Ethereum (ETH) network costs exceeded the BTC network costs on June 6-7.
High transaction costs usually indicate network congestion, where users tend to pay more just to process their transactions. At the time of writing, the Ethereum network currently has 105,474 unconfirmed transactions, while the number of transactions in the Bitcoin network is under 1,000. Average transaction costs on the ETH surged to more than $ 4 on June 11 before falling back down to $ 0.40.
The highest transaction costs on the Bitcoin network are up to $ 55.16, a few days after the cryptocurrency reached an ATH price of more than $ 20,000 in December 2017.