The BTC fees hit the highest level in a month as the price rallies again but this means that the cost of sending the currency is also going to get more expensive. The data from Bitinfocharts showed the transaction fees high $6.486 on average earlier this week as we are reading more in the upcoming Bitcoin news.
The BTC fees hit the highest level as the price soars. The average transaction fee was $6.5 on Thursday as the latest figures from BitinfoCharts show. The fees shot up more than 7% in the past week from the $6.1 per transaction as the data metrics shows. In the past month, the number is even more interesting as the average cost of sending Bitcoin was just $1 which is a 543% increase over the past month.
The increase in cost to send one BTC is likely due to the surge in price and the increased usage of the BTC network. The price of Bitcoin is now standing $11,614 and the value of the coin continued to surge in one of the biggest rallies over the years after having a hard time breaking the $10,000 for so long. The realized price of the BTC network calculated by multiplying each BTC by the last time it moved hitting a new high $6,000 this week. The increase in the price of the largest cryptocurrency by market cap is thought to be a part because the investors are looking for alternative assets such as the US Dollar becomes much less attractive because of the dip in value.
Sending Bitcoin was cheaper a while ago. In fact, over a year ago, it was as low as 18 cents once the price was $3,552 but as the network got busier, and the fees went over the roof. When more people start sending Bitcoin, the cost of making a transaction normally went up and this is because everyone wanted their transaction to be processed as fast as possible so the network calculated that people will pay a premium for miners to prioritize the transactions. When the price of BTC hit an all-time high of $20,000 in 2017 when the average transaction was set at $55.
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