Bitcoin, the largest cryptocurrency globally, has witnessed a steep increase in prices this past week. Consequently, the cost to send BTC on the mainchain has reached its highest point in the last two years; hitting the $30 mark. Fortunately, the surge didn't last long as the fee dropped to around $14.5—a decline of 30.94% in the last 24 hours, according to YCharts.

This decline may be good news for crypto traders who rely on Bitcoin for everyday transactions, as the high fee would be inconvenient. However, it isn’t all good news; Mati Greenspan, a popular crypto influencer, tweeted that the blockchain is still congested with over 300,000 unconfirmed transactions.

Transactions with no fee attached may not be confirmed either; miners may ignore the transaction altogether. As the transaction fee decline, the trading price of BTC has taken a hit and is currently trading around $26,845—down 2.22% in the last 24 hours. The trading volume has increased by 2.51%, according to CoinMarketCap. Binance, the world’s largest crypto exchange, ceased BTC transactions which could have been where the decline originated from.

Overall, the decline of the transaction cost is a welcome move for the crypto market, but the congestion of Bitcoin transactions in the blockchain may still be a point of concern. Investors should remain mindful of the external market forces likely influencing the price of BTC and be prepared for either bull or bear-driven price movements.



Other News from Today