The load on the Bitcoin and Ethereum networks has significantly decreased, as evidenced by the drop in transaction fees.
According to BitinfoCharts, the cost of processing a single transaction has dropped by more than 50%.
Commissions skyrocketed a few weeks ago. For example, on Ethereum, the transaction fee exceeded $ 30, the highest in the history of the ETH blockchain. Currently, the average online collection is around $ 11.6.
On the bitcoin blockchain, the cost of sending funds has dropped to $ 14.6 today, although fees were in excess of $ 26 last week. Thus, over the past few days, transaction fees have decreased by about 53%.
Recall that at the end of 2017, when bitcoin reached $ 20,000 on some trading platforms, transaction fees on the network soared to $ 55.
Ethereum fees fell more than 60%. At their peak, they reached $ 38. Commissions plummeted this week.
Based on BitinfoCharts data. in parallel, there is a decrease in the cost of transactions in BTC and ETH in dollar terms. This figure fell by about 65% – to $ 15.38 billion in bitcoin and $ 3.84 billion on air.
The weakening of blockchain user activity and the decrease in load indicate the transition of the market to a phase of relative stability, some observers say.
Although, one should not exclude a scenario in which volatility may worsen at the most unexpected moment. Moreover, the bitcoin fluctuation index last month rose to its highest level since April 2020.
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