Chartering a New Course

Chart of the Day

Lower Fees; and we’re talking about way lower fees. The average transaction fee of Bitcoin has nosedived from its all-time high above $60 to just a little over $7 — a level not seen since January this year when the price of BTC began its upward pace. The all-time high is was a direct result of mining outages in China, which slowed block production and escalated demand for block space. Sidestepping Bitcoin price, readjusted mining difficulty, and stabilized hashrate have helped to ease the supply/demand tussle, allowing transaction fees to return to the acceptable range. Meanwhile, ETH gas fees dipped back to the level previously seen in the early days of 2020’s DeFi summer, owing to the adoption of scaling solutions such as Polygon.