RATE Group | After Spiking to February 2018 Levels, Bitcoin Fees Have Dropped 54%
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After Spiking to February 2018 Levels, Bitcoin Fees Have Dropped 54%

27 May After Spiking to February 2018 Levels, Bitcoin Fees Have Dropped 54%

Posted at 00:32h in Bitcoin News by

After spiking a week ago to levels last seen in February 2018, the average Bitcoin (BTC) transaction fee has fallen by more than half.

BitInfoCharts data shows that Bitcoin’s average fee decreased by nearly 54% from $6.65 on May 20 to $3.07 on May 25. The median — or most common —  fee peaked at $3.91, but has now fallen to $1.65.

Bitcoin Cash proponent Hayden Otto told Cointelegraph that if network congestion continues, it will push users to altcoins. He believes this happened in 2017:

“When BTC is operating at capacity with a huge black log of transactions, it will slowly [lose users to altcoins] again. […] I’m sure most people trying to move funds around would convert to another coin before withdrawing from exchanges.”

Bitcoin median and average transaction fee May 20-May 25 chart. Source: BitInfoCharts

Altcoins capitalize on Bitcoin’s congestion

Otto is founder of BitcoinBCH.com, and he argues that there is a direct correlation between Bitcoin congestion resulting in…

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