BTCUSDT: Bitcoin fees drop post-halving; Runes NFT floor price also falls.
The Bitcoin charging fees has significant down to $8.48 for Medium transactions and $9.32 for higher transactions after Bitcoin Halving in to four parts, before halving, transaction fees are $146 for medium transactions and $170 for Higher priority transactions.
BTCUSDT is moving in box pattern and market has rebounded from the support area of the pattern
Following the halving event, Bitcoin transaction fees have notably decreased, marking a significant shift in the cryptocurrency landscape. Alongside this development, there has been a notable reduction in the floor price for the Runes NFT collection, which was initially anticipated to serve as a tool for maintaining fee revenue post-halving.
Bitcoin (BTC) began the week on a stable note, with its value holding above $65,800. This stability coincided with the significant reduction in transaction fees observed after the halving event. On-chain data from Mempool.space indicates that medium-priority transactions are currently priced at $8.48, while high-priority transactions cost $9.32. This stands in stark contrast to the immediate aftermath of the halving, during which fees spiked to over $146 for medium-priority transactions and $170 for high-priority transactions.
Additionally, the hashprice index, a metric developed by Luxor to measure a miner’s potential earnings from a specific quantity of hashrate, has also experienced a decline. It dropped from $182.98 per hash/day to $81 post-halving, indicating a reduction in mining profitability compared to pre-halving levels.
Bitcoin miners had initially anticipated that the halving event would lead to a significant reduction in revenue. However, the introduction of Casey Rodarmor’s Runes protocol, designed to create fungible tokens on the Bitcoin network, was expected to mitigate this impact by increasing on-chain activity. Nonetheless, in the initial days following the event, the floor prices for the runestone NFT collection experienced a sharp decline. According to data from Magic Eden, the floor price for Runes plummeted by nearly 50% in the last 24 hours, reaching nearly 0.037 BTC. In contrast, ordinal collections such as Bitcoin Puppets and NodeMonkes saw an increase in floor prices, rising by 11% and 8%, respectively, according to CoinGecko data.
It’s worth noting that while ordinal collections generate considerable transaction fees, they do not appear to serve as the anticipated revenue source that many had hoped Runes would be post-halving.
BTCUSDT: “Bitcoin Fees Drop After Record High During Runes Launch”
The Bitcoin charging fees has significant down to $8.48 for Medium transactions and $9.32 for higher transactions after Bitcoin Halving in to four parts, before halving, transaction fees are $146 for medium transactions and $170 for Higher priority transactions.
BTCUSDT is moving in Ascending channel and market has reached higher high area of the channel
On April 21, the average transaction fee on Bitcoin experienced a notable decline, dropping to $34.8. This decrease followed a record high fee of $128.45 recorded on the day of the network’s fourth halving, as indicated by data from YCharts. The average transaction fee represents the mean fee, denominated in U.S. dollars, paid per bitcoin transaction processed by miners.
According to YCharts data, total bitcoin transaction fees saw a substantial reduction on Sunday, totaling $22.37 million, compared to the $81 million recorded the day prior. This decline in total fees coincided with the drop in the average transaction fee.
The surge in fees was closely tied to the launch of Casey Rodarmor’s Runes protocol, a new token standard akin to BRC-20s. The introduction of this protocol led to an increase in transaction fees as users rushed to create rune-based memecoins.
Notably, on April 20, the block corresponding to the halving event appeared to be mined by the ViaBTC mining pool. This block earned a basic reward of 3.13 BTC ($199,579) along with an additional reward of 37.6256 BTC ($2,399,135) derived from the fees of the 3,050 transactions included in the block, as reported by Blockchain.com’s tracker.
At the time of publication, Bitcoin’s price had edged up by 0.9%, trading at approximately $65,700, according to The Block’s price page.
BTCUSDT: “Bitcoin Fees Plummet After Halving Day Records”
The Bitcoin charging fees has significant down to $8.48 for Medium transactions and $9.32 for higher transactions after Bitcoin Halving in to four parts, before halving, transaction fees are $146 for medium transactions and $170 for Higher priority transactions.
BTCUSDT is moving in Ascending channel and market has fallen from the higher high area of the channel
Following an all-time high average fee of $128 on April 20, Bitcoin transaction fees have undergone a significant reduction, dropping to $10 for medium-priority transactions as of April 21. This decline coincided with the fourth Bitcoin halving event.
On April 20, Bitcoin accumulated a total of $78.3 million in fees, a figure surpassing Ethereum’s fees by over 24 times. The Bitcoin halving block, occurring at height 840,000, notably rewarded Bitcoin miner ViaBTC with 37.7 Bitcoin, equivalent to $2.4 million.
The heightened demand observed at block 840,000 was driven by enthusiasts of memecoins and non-fungible tokens (NFTs) eager to imprint and engrave rare satoshis using the newly launched Runes protocol, a token standard unveiled at the halving block. This block featured a total of 3,050 transactions, resulting in an average user fee of approximately $800.
While the elevated block fees persisted until around block 840,200, they have since subsided to approximately 1-2 Bitcoin, as reported by mempool.space. This decline coincided with the average block fee dropping below the reduced block subsidy of 3.125 Bitcoin following the halving event, which halved the subsidy from 6.25 Bitcoin.
Remarkably, Bitcoin transaction fees surpassed those of Ethereum for six consecutive days between April 15 and 20, with the 7-day fee average now standing at $17.8 million. Despite the surge in transaction fees and the excitement surrounding the Runes halving event, Bitcoin’s price has remained relatively stable, experiencing a modest gain of 1.16% over the past 24 hours to trade at $65,926, according to CoinMarketCap’s data.
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