Bitcoin [BTC] transaction fees rise significantly despite fall in prices

published by Nelson cromwell @ Olleux.io

Although the bears were ravaging the crypto-market, the daily average transaction fee for Bitcoin shot up to $4.02 per transaction on May 17, 2019. This was the first time since February 2018 that the per block transaction fee had touched $4. A tweet by LongHash stated that the per block transaction fee was recorded to be $4.13.

The three-block fee was $3.81 per transaction and the six-block fee was $3.58 per transaction. The reason for this increase in transaction fees was attributed to BTC’s bullish rally and a number of unconfirmed transactions. As Bitcoin [BTC] crossed the $8,000-mark, the number of unconfirmed transactions also piled up.

The number of unconfirmed transactions reached 55,243 and the mempool size was 39,576,560 bytes, at press time. Another reason why the transaction fee spiked was the recent dip in Bitcoin prices. A similar congestion issue was seen during the Bitcoin frenzy of 2017, when the transaction fee was at an all-time-high of $37.49 per transaction.