The transaction fees of Bitcoin and Ethereum have slumped to six-month lows as the markets cool after the recent crypto downturn.
According to BitInfoCharts, the average price of performing a transaction using Bitcoin has fallen from an early-April all-time high of $62.77 to around $7.20 — an 88% drop over just six weeks.
Bitcoin average transaction fees – BitInfoCharts
The falling Bitcoin transaction fees appear to have been driven by a decline in overall market activity, with daily volumes evaporating from more than $67 billion on May 10 to $30 billion as of this writing, according to CoinGecko.
The meteoric 2021 crypto bull-run has seen the average transaction fees associated with using Bitcoin or the Ethereum mainnet frequently skyrocket to unprecedented levels in recent months.
In February 2021, Bitcoin’s fees nearly tripled in two weeks following a Feb. 8 announcement that Tesla added $1.5 billion worth of Bitcoin to its balance sheet.
The news sparked a surge in crypto speculation, with the price breaking its