Despite a rebound in transaction activity, the Bitcoin transaction fee has plunged to its lowest since March 2023.
Prominent cryptocurrency analytics platform IntoTheBlock has reported a massive plunge in Bitcoin (BTC) transaction fees. Per data shared by ITB, Bitcoin’s daily fees stand at $3.6 million, representing a plunge of 37.7% compared to its previous day.
According to IntoTheBlock, the Bitcoin fee has dropped to its lowest since March 2023, despite a rebound in transaction activity.
#Bitcoin fees dropped to their lowest since March, despite transaction activity rebounding pic.twitter.com/xT9VMYoXOP
— IntoTheBlock (@intotheblock) July 14, 2023
When writing this line, the number of unconfirmed Bitcoin transactions in the mempool waiting to be added to the block is currently around 237,718.
Bitcoin Average Fee Surges 29.4%
Meanwhile, data from YCharts shows that the average Bitcoin transaction fee currently stands at $1.614, up 29.4% from the previous day.
Recall that Bitcoin’s average transaction fee surged to a record high of $30.9 on May 8, 2023. The massive surge in Bitcoin average fee on May 8 also saw the asset’s total daily fee spike to a whopping $17.4 million. This marked the highest total Bitcoin daily fee since May 2021.
Bitcoin Up 2% in 24 Hours
At press time, Bitcoin is trading at around $31,300, up 2.05% in the past 24 hours, CoinMarketCap data shows. The top crypto asset has experienced significant growth since the beginning of the year. It is worth noting that Bitcoin began the year at around $16,500 and is up 89% year-to-date (YTD).
Interestingly, Bitcoin is speculated to surge tremendously by the end of this year. As reported earlier, Geoff Kendrick, a top analyst at leading international bank Standard Chartered predicted that Bitcoin would soar to $50K by year-end.
The analyst also forecasted that the world’s largest cryptocurrency would surge to a whopping $120K by next year.