Bitcoin (BTC) Transaction Fees Drop by 30%: More than 300,000 Unconfirmed Transactions

Bitcoin (BTC), the world’s largest cryptocurrency, has shown a continued surge in recent days. Bitcoin’s transaction fee has hit an all-time high in the last two years, reaching the $30 mark. The average cost to send BTC on the mainchain is now $14.

Bitcoin transaction fees have come off the high. Average cost to send BTC on the mainchain is now $14.

The blockchain is still congested with more than 300,000 unconfirmed transactions. pic.twitter.com/CmaheIyZrr

— Mati Greenspan (@MatiGreenspan) May 11, 2023

Mati Greenspan, a popular crypto influencer, tweeted that the blockchain is still congested with more than 300,000 unconfirmed transactions.

On May 9th, the Bitcoin average transaction fee reached $30.91. The last time it surged to a high was in April 2021. After reaching a high, the BTC average transaction fee is currently around $14.5, which is down from yesterday’s $20.34. The fee has declined by over 30.94% in the last 24 hours, according to YCharts.

Bitcoin Surges Below 27K Mark

Some investors mentioned that the Bitcoin transaction fee surge hurts the crypto market for everyday transactions. After the continuous surge, the decline may be good news for the crypto market.

There is also an option for users who don’t want to pay the transaction fees. While making the Bitcoin transaction, users can select the no transaction fee option. But the miners may completely ignore that transaction, and it may never reach its destination.

While the transaction fee surges, the trading price of BTC continues to witness a decline in recent days and shows a bearish indication. Recently, the world’s largest crypto exchange, Binance, stopped the BTC transaction, resulting in the coin’s trading price declining below the $28K mark.

At the time of writing, the trading price of BTC is around $26,845, with a decline of around 2.22% in the last 24 hours. The trading volume of the coin has increased by 2.51%, according to CoinMarketCap.

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