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Bitcoin’s Average Transaction Fee Dips to $34.8 After Hitting $128.45

Bitcoin’s Average Transaction Fee Dips to $34.8 After Hitting $128.45

CoineditionCoinedition2024/04/22 10:13
By:Nynu V Jamal
  • Bitcoin’s average transaction fee has plummeted to $34.8 following last day’s record high of $128.45.
  • The transaction fee surge is likely due to the community’s rush to create Rune-based meme coins.
  • Bitcoin critic Peter Schiff slammed Bitcoin as a failure when its transaction fee reached historical highs.

Bitcoin’s average transaction fee plummeted to $34.8 on April 21, following last day’s record high of $128.45. YCharts data indicated a historical high of Bitcoin transaction fees on the day of the much-hyped Bitcoin Halving from a previous high of $24.51 on April 12.

Bitcoin’s Average Transaction Fee Dips to $34.8 After Hitting $128.45 image 0 Bitcoin’s Average Transaction Fee Dips to $34.8 After Hitting $128.45 image 1

Source: YCharts

The average transaction fee refers to the average fee for processing a miner’s Bitcoin transaction. Notably, the surge in Bitcoin transaction fees coincides with the launch of Casey Rodarmor’s Runes protocol , a BRC-20-like token. The transaction fee seems to have increased as a result of the community’s rush to create new rune-based meme coins.

Following the hike in Bitcoin transaction fees, Bitcoin critic Peter Schiff chastised the cryptocurrency, discrediting it as a digital asset. His major concerns were centered around the high transaction fees and the longer duration of the process.

The cost to complete a #Bitcoin transaction is now $128 and it takes a half hour to process. This is another reason why Bitcoin can't function as a digital currency. The cost to actually use Bitcoin as a currency is prohibitively high for almost all transactions. It's a failure.

— Peter Schiff (@PeterSchiff) April 22, 2024

Further, Schiff addressed Bitcoin as an utter “failure” as a digital asset. His post read,

“The cost to complete a Bitcoin transaction is now $128 and it takes a half hour to process. This is another reason why Bitcoin can’t function as a digital currency. The cost to actually use Bitcoin as a currency is prohibitively high for almost all transactions. It’s a failure.”

Meanwhile, Bitcoin is moving somewhat stable above the $66k level despite the recent lows. Following the Bitcoin halving, BTC is fluctuating between $63k and $66k levels. As of press time, Bitcoin is trading at $66,283. Despite a slight increase of 1.73% in one day, Bitcoin has been experiencing a bearish trend over the month, with marginal dips of 0.11% and 0.33% in the past week and past month, respectively.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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