Report: Bitcoin transaction fees fall to four-year low

BTC transaction fees are on the decline, falling to the level of 2014, a four-year low.

Editor's note: This article comes from cointelegraph, author: Ana Alexandre

Translator: Chaliang, Planet Daily

According to cointelegraph, a new report released by cryptocurrency and blockchain research company Diar on February 11 showed that Bitcoin transaction fees are at a new low, falling to the level of 2014.

Image source: Diar official website

Coincidentally, according to a report by foreign media CCN on January 7 this year, data from BitInfoCharts showed that Bitcoin transaction fees hit a four-year low, with an average of US$0.029.

According to the Diar report, although BTC transaction volume hit a one-year high in January this year, almost reaching the level of 2017, BTC transaction fees were on the decline, falling to the level of 2014, a four-year low.

As cryptocurrency researcher Kevin Rooke tweeted, Bitcoin network transactions haven’t seen fees this low since October 2015, when the price was $270.

Image source: Diar official website

Image source: Diar official website

While the total monthly amount of Bitcoin moved on-chain is higher than it was in all of 2018, the median fee for a Bitcoin transaction has fallen to a new low, with the total USD transaction value last month lower than it was in May 2017.

Last month, Diar reported that cryptocurrency exchanges closed 2018 with “record trading volumes.” Total trading volume on the U.S. dollar (USD) market on major U.S. cryptocurrency exchange Coinbase reportedly increased by 21% in 2018 compared to 2017. During the same period, Kraken and Bitfinex exchanges saw increases of 192% and 50%, respectively.

However, a report published by Diar last week stated that since the beginning of the year, trading volumes on cryptocurrency exchanges fell in January to their lowest level since 2017. The world’s leading cryptocurrency exchange reportedly had the worst correction during this period. In terms of trading volume, Binance’s Bitcoin/USD market has decreased by more than 40% compared to December 2018.

Also in January, a report from Diar showed that the value of Ethereum’s on-chain transactions reached an all-time high of 115 million euros in December 2018. “In terms of the number of transactions, the ‘supercomputer’ has stabilized at between 16 and 17 million transactions per month since October last year,” Diar said.