Bitcoin, the largest cryptocurrency by market cap has witnessed a significant drop in transaction fees following the recently concluded halving event. The development which might catalyze increased transactions on the Bitcoin network has created excitement across the crypto community.
According to data from Mempool, the transaction fees dropped to $8.48 for medium-priority transactions and $9.32 for high-priority transactions earlier today. However, at the time of writing, the figures have moved up slightly to $10.08 for low-priority transactions, $11.00 for medium, and $12.11 for high-priority transactions.
Interestingly, the reduction in transaction fees comes amid Bitcoin’s price rally to $66,000 signifying a decrease in the financial requirements relating to completing transactions on the Bitcoin network.
Bitcoin has resumed the week with a notable spike in price rising by almost 2% at the time of writing. Consequently, the majority of the tokens in the market are trading in the green zone as seen in today’s crypto heat map. Notably, the total crypto market cap has surged by 1.7% over the last 24 hours to $2.43 trillion with a 24-hour trading volume of $65.69B, representing a 6.82% increase over the last day. As Bitcoin continues to ride the wave of the past halving, the reduction in transaction fees could be a good push for an even upward movement in the price of the asset as users enjoy smoother transactions.
Bitcoin’s Hashprice Index Plummets Significantly
Meanwhile, the Bitcoin transaction fee is not the only thing to witness a drop post-halving. The Hasprice index, a metric used to calculate the amount a miner can expect to earn from a specific quantity of hashrate has crashed significantly.
According to data from HashrateIndex, the metric has plummeted from $182.06 hash/day to $81.4 in the space of 24 hours. As a result of this, Bitcoin miners now face increasing revenue challenges. Additionally, miners are now forced to navigate a world marked by lower incomes and more unpredictability.
At the time of writing, the price of BTC is $66,061 representing a 1.41% increase over the last day. What is more, the trade volume within this time has surged by 16% to $25,258,251,828 ($25.2 billion) with a live market cap of $1.29 trillion. As investors continue to observe the price movement, there is a lot of optimism surrounding the popular cryptocurrency as experts predict its price to shoot past $80k in the coming months.
