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
![Glassnode: Bitcoin network fees hit two-year low](https://storage.getblock.net/source/1/BhdQXqWeVNp4G6efwNawasKcAGO8SXT5.webp)
04.07.2022 - 14:45
311
2 min
0
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.
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.
Useful material?
Market
Australia’s largest financial institutions have refused to process payments to digital asset trading platforms due to the risk of fraud
Jul 26, 2024
Politics
According to the politician, the value of the country’s bitcoin reserves should equal the value of gold reserves
Jul 26, 2024
Mining
The capacity of the Bitaxe device used by the network participant is only 500 Gh/s
Jul 25, 2024
Trends
Meanwhile, Trump-inspired assets have not shown significant growth
Jul 22, 2024
Market
The fee will be as much as 2,5% compared to 0,25-0,19% for competitors
Jul 18, 2024
Market
This is the third consecutive month of decline
Jul 18, 2024