CandleFocus

Why Bitcoin’s Fee Spike Is Raising Eyebrows as Prices Hold Steady Above $68K

Author: Content Editor
The price of Bitcoin has reached over $68,000, and as a result, onchain fees have also increased. On October 17, the average transfer fee hit a peak of $6.32, compared to a fee of $0.81 on October 6. However, median fees are around 0.000017 BTC or $1.16. High-priority transactions have even lower costs, around $0.38 per transaction. Despite the increase in fees, there is still a queue of 213,015 unconfirmed transfers. October's fee totals have already surpassed those of September, with miners earning $27.54 million in fees so far. This highlights the complexities of market behavior and the evolving dynamics of fees and network capacity.

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