The Bitcoin Transaction Fee (BTC), measured in US dollars, is close to 2017 levels amid a significant drop in hash prices on the Bitcoin network.

According to data from several Bitcoin monitoring resources, the average Bitcoin transaction fee in US dollars is approaching a full-time high recorded in 2017.

According to a blockchain researcher, the average value of Bitcoin transactions rose to $ 58 on Tuesday, near a full-time high of over $ 62 recorded in December 2017. Popular bitcoin monitoring source BitInfoCharts indicates that the current BTC fee has been broken. Already a record high of 54 dollars in 2017 to 58 dollars on 20 April.

Other sources, including the lead researcher at Blockchain.com, show that the average value of a BTC transaction on April 20 was $ 58.

Average BTC transaction fee at all times. Source: Blockchair
While many sources state that the current BTC transaction fee is around $ 60, others show a much lower figure. Chief Bitcoin analyst Clark Moody reported an average commission in US dollars for the latest 2016 blocks of $ 27.5 at the time of writing. According to Ycharts, Bitcoin’s average transaction fee is $ 43 at the time of publication, after reaching $ 50 on April 18.

BTC transaction fees exceeded $ 50 at the end of 2017, when Bitcoin first rose to $ 20,000. At the time of writing, Bitcoin was trading at $ 55,190 after adjusting from a full-time high above $ 64,000 last week.

The recent increase in BTC transaction fees came amid a significant drop in the fragmentation rate of the Bitcoin network. On April 18, Bitcoin experienced the largest daily fall in the total hash rate of the BTC network since November 2017, falling from 172 million TH / s to around 154 million TH / s. According to cryptocurrency monitors, the fall was probably due to massive power outages at a mining center in Xinjiang, China.

In the midst of rising BTC transaction fees, some cryptocurrency exchanges have encrypted to implement cheaper ways to move bitcoins, and on Monday, OKEx is working to integrate the Lightning Network.

Source: CoinTelegraph

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