Unlike Ethereum, transaction fees not a concern for Bitcoin right now; Here’s why
While Ethereum is trying to fend off sky-high gas fees, Bitcoin has been witnessing an opposite trend: a drop in transaction fees.
Arcane Research presented several reasons to explain the phenomenon and help investors make sense of the year’s happenings.
By how much have the Bitcoin transaction fees dropped this year? The median transaction fee during January was usually under $10, but this surged to nearly $30 between 21 April and 21 May. Following the May crypto crash, this number dropped, then saw smaller spikes during the summer. However, the last three to four months brought lows of below $1.
The report by Arcane Research noted that one factor responsible for this change could be a lower Bitcoin mempool size. A mempool refers to a pool of
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