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Bitcoin’s Average Transaction Fee Dips to $34.8 After Hitting $128.45

Published 04/22/2024, 05:57 PM
Updated 04/22/2024, 06:15 PM
© Reuters Bitcoin’s Average Transaction Fee Dips to $34.8 After Hitting $128.45

  • Bitcoin’s average transaction fee has plummeted to $34.8 following last day’s record high of $128.45.

  • The transaction fee surge is likely due to the community’s rush to create Rune-based meme coins.

  • Bitcoin critic Peter Schiff slammed Bitcoin as a failure when its transaction fee reached historical highs.

Bitcoin’s average transaction fee plummeted to $34.8 on April 21, following last day’s record high of $128.45. YCharts data indicated a historical high of Bitcoin transaction fees on the day of the much-hyped Bitcoin Halving from a previous high of $24.51 on April 12.

Source: YCharts

The average transaction fee refers to the average fee for processing a miner’s Bitcoin transaction. Notably, the surge in Bitcoin transaction fees coincides with the launch of Casey Rodarmor’s Runes protocol, a BRC-20-like token. The transaction fee seems to have increased as a result of the community’s rush to create new rune-based meme coins.

Following the hike in Bitcoin transaction fees, Bitcoin critic Peter Schiff chastised the cryptocurrency, discrediting it as a digital asset. His maj…

The post Bitcoin’s Average Transaction Fee Dips to $34.8 After Hitting $128.45 appeared first on Coin Edition.

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