As bitcoin continues to experience high volatility, before and after the halving, the same thing is happening to bitcoin transaction fees which have so far gone up by over 600% in one month.
So far, fees have reached their highest levels in nearly one year.
SEE ALSO: The Most Anticipated Cryptocurrency Event of 2020 – The Bitcoin Halving – Just Happened
Here is a breakdown of transaction fees since January 2020:
- January 17, 2020 – $0.665
- February 17, 2020 – $0.721
- March 17, 2020 – $1.159
- April 17, 2020 – $0.636
- May 17, 2020 – $4.092
Bitcoin Transaction Fees breakdown from May 17, 2019 – May 17, 2020However, an YoY outlook shows that the transaction costs are slightly lower than what they were a year ago:
- May 17, 2019 – $4.581
- May 17, 2020 – $4.092
In the wake of rising transaction fees, some analysts are already prediciting a brutal reality check of falling bitcoin prices due to decreased miner revenue post-halving and a reduced hashrate, which will ultimately decrease the effectivity of the network.
https://twitter.com/CryptoWhale/status/1262241908975456257
The rise in transaction fees however is not new in previous bitcoin halvings. The first 2012 and second 2016 bitcoin halvings saw transaction fees increases of over 200% before stabilizing to pre-halving levels.
It is likely that the high fees will similarly eventually level down.
Follow us on Twitter for latest posts and updates
Open a Paxful Bitcoin Trading Account today!
