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Bitcoin transaction fees see a notable decrease, just a day after surpassing an all-time average high of $128 on April 20 during halving.
On April 21, the average fees for medium-priority transactions on the Bitcoin network dropped to $8-$10, based on data from mempool.space.
This decline followed a surge in Bitcoin’s total transaction fees of $78.3 million a day before, surpassing Ethereum by over 24 times, according to Crypto Fees.
The increase in BTC transaction fees was not unusual, given the heightened interest in the Halving event. One user paid $500K in fees to have their transaction included in the halving block.
Someone just paid $500,000 fees for their $0.70 amount transfer to be included in the #Bitcoin halving block 🤯 pic.twitter.com/npwS91Olbq
— Vivek⚡️ (@Vivek4real_) April 20, 2024
Meanwhile, the hash price index, a metric created to quantify a miner’s expected earnings from a specific quantity of hash rate, dropped from $182.98 per hash/day to $81 following the halving event.
The introduction of Casey Rodarmor’s Runes protocol, designed to create fungible tokens on Bitcoin and launched during the halving, was expected to offset this revenue decrease by increasing on-chain activity.
However, in the days following the launch, floor prices for the runestone NFT collection dropped by almost 50% in the last 24 hours to nearly 0.037 BTC, as reported by Magic Eden.
Bitcoin Price After Halving
While Bitcoin price initially showed little reaction to the halving event, the leading cryptocurrency has since posted some gains. BTC is trading at $66,266, marking an increase of 1.56% over the past day.
Some analysts, such as JPMorgan, have warned of a potential price decline to $42,000 post-halving. The financial firm highlighted factors like Bitcoin still being in “overbought conditions.”
JPMorgan predicts that the price of #Bitcoin will decline after the halving to around $42,000.
What say you?? #BitcoinHalving2024 #BTC $BTC
— Coin Trades (@coin_trades) April 19, 2024
Conversely, Bitwise noted that although Bitcoin’s price typically drops slightly in the month immediately after the halving, it often gains exponentially in the subsequent year.
The asset manager highlighted that after the 2012 halving, Bitcoin saw a modest 9% increase in the post-halving months, followed by a remarkable 8,839% surge over the following year.
