Transaction fees for bitcoin and ether fell to their lowest point in six months as activity in the cryptocurrency market slowed after the big sale in May that at one point wiped out almost part of the overall valuation of the sector.
The average value of a Bitcoin transaction fell to $7. 20 from April’s all-time high of $62. 77, falling 88% in just six weeks according to BitInfoCharts knowledge cited via CoinTelegraph.
Meanwhile, Ethereum transaction fees fell to $4. 80 from an all-time high in May of $72. 21 according to YCharts, falling 93% in less than two weeks.
For cryptocurrencies sent from one cup to another, a network transaction payment is charged, these payments are in addition to the price of the cryptocurrency sent, which varies according to the network and the cryptocurrency.
Transaction fees vary based on market demand.
The recent drop in fees for the two largest cryptocurrencies, consistent with the valuation of the inventory market, indicates weaker demand for bitcoin and ether after reaching all-time highs before this year to plummet in May.
Bitcoin was down about 2% on Tuesday, to $36283, while ether was down 2%, to $2575.
Looking ahead, Ethereum developers are preparing for a primary revision of the formula in the upcoming London update.