Bitcoin’s average rate has fallen below the $1 line, and has returned to levels not seen since before the halving.
According to data from the BitInfoCharts cryptanalysis page, from May 20 to June 14, Bitcoin transaction fees (BTC) decreased by 91% from $6.65 to $0.56. This follows a post-Halving peak, where rates increased by more than 1600% between April 5 and May 20.
After rising to the levels of February 2018, Bitcoin’s transaction fees have dropped by 54%
Fees per transaction after 2016 halving
BTC’s second halving in 2016 saw a 200% increase in rates from $0.08 on May 1 to a local peak of $0.24 on July 31. However, the average rate during halving ($0.17 on July 9) remained at approximately the same levels for two months after halving until it increased to $0.37 in October 2016.
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Ethereum’s rates are higher than Bitcoin’s
Cointelegraph reported that the average tariff of the Ethereum (ETH) network exceeded that of BTC from 6 to 7 June.
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High per-transaction charges usually indicate network congestion, during which users are likely to pay more to have their transactions processed. At the time of this publication, the Ethereum network currently has 105,474 unconfirmed transactions, while the number on the Bitcoin Code network is less than 1,000. The average transaction rate at ETH increased to over $4 on June 11 before falling back to $0.40.
The highest transaction fee on Bitcoin’s network was $55.16, days after the crypto currency reached its ATH price of over $20,000 in December 2017.