After we saw a peak in the Bitcoin transaction fees on the BTC network a month ago, the fee paid to miners for processing transactions is now again at the levels seen in April, which was a time before the third halving in May.
On Sunday, June 14, we could notice the median BTC transaction fee being around $0.205 or 95% less than the levels on May 20. The screenshot below confirms that.
What is also very interesting in the Bitcoin price news is that yesterday, miners collected around $154,000 in fees which can be compared with the $1.9 million on May 20. However, their revenues are about to experience another hit as the mining difficulty is estimated to increase by more than 14% tomorrow, Tuesday.
The Bitcoin transaction fees drop and changes on the Bitcoin network also depend on the level of congestion on the network. In fact, higher Bitcoin transaction fees are usually seen during times of market volatility when many Bitcoin holders move their coins to and from various exchanges.
That said, the mempool (a place where all valid transactions wait to be confirmed by the Bitocin network) seems to be clearing up as well, with many lower-fee transactions getting their turn to be validated.
Right now, Bitcoin is trading near $9,500 again with a 4% increase on the day. If the bullish momentum sustains, analysts hope that the cryptocurrency would be able to finally cross the $10,000 mark and visit new heights.
What is also interesting to mention in the altcoin news is the increased bullish momentum that altcoins are receiving lately. For instance, Bitcoin Cash (BCH), Bitcoin SV (BSV), Litecoin (LTC), Ripple (XRP) and Ethereum (ETH) are all gainers on the day and proud members of the top 10 largest cryptocurrencies by market cap.
However, no one can come even close to the gains of Cardano (ADA) today, which rose by 9.44% to a new price at $0.078. Second in the list of biggest gainers is Chainlink (LINK) which rose by 6.70% and reclaimed the $4 spot again.
A lot of positive movements are further expected from the market this week, and we can see that many coins are waiting to get the support they need and rise further as the Bitcoin transaction fees drop and now match their pre-halving levels.
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