Bitcoin Transaction Fees are Re-Rising Amidst Recent 13% $BTC Drop in Value
BTC’s transaction fees reaches $4, an all-time high for fees since February 2018 reports AMB Crypto. As per the claims made, this increase took place regardless of BTC’s recent drop in value. In particular, on Wednesday, May 15, 2019, BTC was sitting at roughly USD$8,306 which is now down by 13% to USD$7,342.11 as per CoinMarketCap at the time of writing.
Source 1: Obtained from CoinMarketCap on May 18, 2019
AMB Crypto referenced Twitter user, LongHash, who was the one to note that,
“Bitcoin fees are now over $4 per tx for the first time since February 2018.”
It was further disclosed that the three-block fee was $3.81/transaction, while the six-block was $3.58/transaction.
According to the news outlet, there are two primary reasons that contribute to said increase. The first being Bitcoin’s bullish rally and the other being unconfirmed transactions. Clearly, the bullish trends have gotten many to invest and regain faith in the giant, however, this led to an increase in the number of unconfirmed transactions – sitting in the 55,000 and plus ranges, with the Mempool size nearing 39,577,000 bytes.
It turns out there’s a third reason as well, which entails a big sell order. As per the claims made, the sell led BTC’s value to drop as low as about $6,200 at some point on BitStamp. While the increase is nothing compared to December 2017’s $37.49, this definitely serves as a reminder that with increased value comes increased fees, but we already saw that coming right?
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Bitcoin’s price is $50,750.47 BTC/USD exchange rate today. The real-time BTC market cap of $946.18 Billion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $17.71 Billion and live coin value change of BTC 4.54 in the last 24 hours.
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