Bitcoin network transaction fees soared in May, rising more than 800% month-on-month, hitting a new high in the year

On May 18th, according to Cointelegraph, from April 11th to May 14th, the Bitcoin network transaction fee skyrocketed by 1250%, from $ 0.38 to $ 5.16. As of the 16th of this month, although the transaction fee has fallen by 33.3% to US $ 3.437, this fee has increased by approximately 36% since the block was halved and increased by more than 800% from the US $ 0.38 on April 11.

Cointelegraph pointed out that since the halving (note: Bitcoin completed the halving of block rewards in the early hours of the 12th), Bitcoin network transaction fees have risen by more than one third, resulting in a 105% increase in transaction costs for three days.

However, although transaction fees have reached their highest level in nearly a year, the current transaction costs are still less than one tenth of the historical peak set at the end of 2017. The data shows that when the bitcoin price reached a historical peak of $ 20,000 in December 2017, its average transfer fee reached nearly $ 55.

As of press time, bitcoin quoted USD 9,631, up 3.46% in 24 hours.

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