Bitcoin and Ethereum See a Dip in the Average Transaction Fees

Bitcoin, the world’s most valuable digital currency, experienced a volatile period last month as the price of BTC dropped nearly 40% within the last three weeks of May 2021. However, the volatility has decreased over the last few days.

According to the latest data published by the crypto Analytics Analytics Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision making. In the trading space, analytics are applied in a predictive manner in an attempt to more accurately forecast the price. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analyt Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision making. In the trading space, analytics are applied in a predictive manner in an attempt to more accurately forecast the price. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analyt Read this Term firm, Glassnode, the mean transaction fees for Bitcoin and Ethereum dropped significantly during the last week. The average transaction fee on the Bitcoin network currently stands at around $7.38, the lowest level since January 2021.

Ethereum, the world’s second-largest cryptocurrency, also experienced a similar trend. The mean transaction fee on the ETH network currently stands at around $6.08, which is a substantial drop from nearly $60 in May 2021.

“The average transaction fees for both Bitcoin and Ethereum have returned to levels not seen since Jan 2021 and Aug-Sept 2020 during 'DeFi Summer'. The average transaction fee paid on each network is currently $7.38 for Bitcoin and $6.08 for Ethereum,” Glassnode mentioned in Twitter.

Bitcoin and Ethereum posted significant gains during May 2021 as BTC reached a monthly high of nearly $60,000 on 10 May. On the other hand, ETH reported an all-time high of $4,330 on 12 May.

Bitcoin Holders

Earlier this week, Finance Magnates reported about the acceleration in the BTC accumulation by Bitcoin millionaires. Large BTC addresses holding between 100 and 10,000 coins accumulated nearly 30,000 Bitcoin during the last week of May 2021.

In its latest report, Glassnode highlighted the supply metrics of Bitcoin. “The Liquid and Illiquid Supply metric show that throughout May, a total of 155k BTC have transitioned from an Illiquid state (HODLed) to Liquid or Highly Liquid state providing an estimate of the total 'sell pressure'. This will account for both Long-term holders and Short-term holders who spent coins previously held by to wallets with heuristics similar to Cold Storage Cold Storage Cold storage is a computer system or mode of operation that is designed for the retention of inactive data, in this case private keys for cryptocurrencies. This helps put up resilient barriers against theft by hackers and malware, and is often a necessary security protocol especially dealing with large amounts of Bitcoin.In order to “own” a cryptocurrency, one must be in control of a cryptocurrency’s private keys. As such, private keys are long strings of random characters that can be used to se Cold storage is a computer system or mode of operation that is designed for the retention of inactive data, in this case private keys for cryptocurrencies. This helps put up resilient barriers against theft by hackers and malware, and is often a necessary security protocol especially dealing with large amounts of Bitcoin.In order to “own” a cryptocurrency, one must be in control of a cryptocurrency’s private keys. As such, private keys are long strings of random characters that can be used to se Read this Term,” the company added.

BTC is currently trading near $38,000. The digital asset has a market cap of more than $700 billion.