Glassnode: Bitcoin network fees hit two-year low

As of July 2, the average fee per transaction was $1,15, similar numbers were seen in early July 2020

04.07.2022 - 14:45

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What’s new? The average fee on the Bitcoin network has dropped to its lowest in two years. According to analytics service Glassnode, the fee per transaction was about $1,15 on July 2. The last time the figure was at the same level was in early July 2020. As of July 4 at 14:30 UTC, BTC is trading at $19 595, having added 2,79% in a day, according to the Binance exchange.

Source: Glassnode.com

What happened before? Fees on the Ethereum network also hit a one-year low on July 2. According to Etherscan, a regular ETH transfer cost an average of $0,17-$0,2, fees for transactions in ERC-20 tokens were $0,61, and NFT transactions on the OpenSea Marketplace were $1,43. Similar figures were recorded in early June 2021.

Earlier, Glassnode analysts called the current bear market the worst in cryptocurrency history, noting that BTC and ETH traded below the previous cycle highs for the first time.

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