Bitcoin transaction fees witnessed a significant crash, dropping from a daily record average of $128 on halving day to just $8-$10 the following day. This sudden decrease came after the fourth Bitcoin halving, which traditionally impacts miner rewards and network fee structures. On halving day itself, the fees spiked, compensating for the reduced block reward from 6.25 to 3.125 Bitcoin, which seemed to offset the anticipated drop in miner income initially.
The record fees collected during the halving included a significant contribution from memecoin and NFT transactions that aimed to inscribe rare satoshis on the Bitcoin blockchain via the Runes protocol. However, this high fee trend was short-lived, with average fees normalizing rapidly after the halving event. This fluctuation has drawn attention to the volatility of transaction costs on the Bitcoin network and raised questions about the sustainability of such fee spikes for future halvings.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
