Bitcoin Network Fees Increase by Over 900% in 24 Hours
On August 22, 2024, the average Bitcoin network transaction fee increased by 937%, reaching $7.65, according to BitInfoCharts. The last time such a value was observed was in June 2024.
Note that since July, the average transaction fee on this blockchain has not risen above $2. Moreover, on August 18, this figure reached $0.558 for the first time in a long time.
Amid the growth in indicators, some members of the crypto community had to pay an excessively high fee for transferring funds. One such case was reported by Bitcoin developer Mononaut.
According to the data provided, the consolidation of 0.55 BTC during the period of peak demand cost the user 0.5 BTC.
According to the Mempool Space platform, on August 23, the network fee indicators returned to standard values. Matthew Sigel, head of digital asset research at VanEck, suggested that the surge in Bitcoin fees could be linked to the launch of Babylon staking.
