Bitcoin News

Bitcoin transaction fee nears highest levels in US dollars

Bitcoin transaction fee nears highest levels in US dollars

Bitcoin transaction fees are nearing the 2017 level amid the hash drop of the BTC network. They are that are measured in the United States $. THE average BTC transaction fee in the US dollar is near the all-time recorded back in 2017. This is according to the monitoring resources data.

As per the data from a blockchain Explorer Blockchair the average cost of Bitcoin transaction reached $58 on Tuesday and approached its all-time high level of above $62 which got recorded back in December 2017.

Bitinfocharts is a popular BTC monitoring source. It suggests that the current Bitcoin fee already broke the record. Its done with a value of $54 in 2017 with 58 dollar on Tuesday. Average BTC transaction cost hit 58 dollar on Tuesday. This is according to all the other sources along with which is a chief blockchain Explorer.

Many sources are showing that the current Bitcoin transaction fee is nearing $60. However, the other sources are showing a much lesser figure. Average Bitcoin transaction fee was around $27.5 according to a main BTC analytics website,

Clark Moody Report

In later 2017 the Bitcoin transaction fee hit more than $50 where Bitcoins surged up to $20,000 in first time.

Y chart data

According to the Y Chat data, Bitcoin transaction average commission is around $43 when publishing after hitting the record value of 50 dollar on Sunday.

Hike in Transaction fee

This latest hike in Bitcoin transaction fee came amid a great fall in BTC hash rate. With the current situation, some exchanges have hurried to present less expensive methods to shift to Bitcoin around.

This decline of the network hash rate would eventually show an impact on mining difficulty in Bitcoin potentially dragging these measures downwards. The BTC difficulty adjustment occurs once for 2,016 blocks or we can take it like two weeks roughly.
So according to internet estimates, next difficulty adjustment can become the highest downward adjustment ever since November of 2020 if this hash rate does not recover by May.

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