{"id":16350,"date":"2024-08-23T13:57:38","date_gmt":"2024-08-23T10:57:38","guid":{"rendered":"https:\/\/forklog.com\/en\/bitcoin-transaction-fees-surge-over-tenfold\/"},"modified":"2024-08-23T13:57:38","modified_gmt":"2024-08-23T10:57:38","slug":"bitcoin-transaction-fees-surge-over-tenfold","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/bitcoin-transaction-fees-surge-over-tenfold\/","title":{"rendered":"Bitcoin Transaction Fees Surge Over Tenfold"},"content":{"rendered":"<p>On August 22, the average transaction fee on the Bitcoin blockchain surged by 937.7% compared to the previous day, rising from $0.74 to $7.68, according to <a href=\"https:\/\/www.blockchain.com\/explorer\/charts\/transaction-fees-usd?timespan=1year\">Blockchain.com<\/a>.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/1-1167.webp\" alt=\"1-1167\" class=\"wp-image-239529\"\/><figcaption class=\"wp-element-caption\">Source: Blockchain.com<\/figcaption><\/figure>\n<p>Since July, average network fees had remained relatively stable, staying below the $2 mark. On August 18, the fee reached a historic low of $0.56.<\/p>\n<p>The current increase has forced network participants to incur higher costs for transactions.<\/p>\n<p>Notably, a Bitcoin developer known as Mononaut paid 0.5 BTC to consolidate 0.55 BTC.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">an excellent time to consolidate, good job lads <a href=\"https:\/\/t.co\/eFRSjZHELU\">pic.twitter.com\/eFRSjZHELU<\/a><\/p>\n<p>\u2014 mononaut (tx\/acc) (@mononautical) <a href=\"https:\/\/twitter.com\/mononautical\/status\/1826614765395099873?ref_src=twsrc%5Etfw\">August 22, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>By August 23, the average transaction fee had dropped to $0.34, according to <a href=\"https:\/\/mempool.space\/\" title=\"\">Mempool<\/a>.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/2-869.webp\" alt=\"2-869\" class=\"wp-image-239530\"\/><figcaption class=\"wp-element-caption\">Source: Mempool.<\/figcaption><\/figure>\n<p>Earlier, analysts at CryptoQuant noted that demand for the leading cryptocurrency (30 <span data-descr=\"day moving average\" class=\"old_tooltip\">DMA<\/span>) fell from 496,000 BTC in April to -25,000 BTC in August.<\/p>\n<p>The negative trend is partly due to a decline in net inflows into BTC-ETFs. The average daily figure (1,300 BTC) is only a fraction of March&#8217;s levels (12,500 BTC).<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/3-491.webp\" alt=\"3-491\" class=\"wp-image-239531\"\/><figcaption class=\"wp-element-caption\">Source: CryptoQuant.<\/figcaption><\/figure>\n<p>Back in July, the Hash Ribbons indicator signaled the end of Bitcoin miners&#8217; capitulation, suggesting a reduction in their selling pressure on the market.<\/p>\n<p>In July, analysts observed a shift among the first cryptocurrency&#8217;s miners towards accumulation, anticipating long-term asset growth.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On August 22, the average transaction fee on the Bitcoin blockchain surged by 937.7% compared to the previous day, rising from $0.74 to $7.68, according to Blockchain.com. Source: Blockchain.com Since July, average network fees had remained relatively stable, staying below the $2 mark. On August 18, the fee reached a historic low of $0.56. The [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":16349,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,1178],"class_list":["post-16350","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-blockchain-fees"],"aioseo_notices":[],"amp_enabled":true,"views":"24","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/16350","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=16350"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/16350\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/16349"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=16350"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=16350"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=16350"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}