Bitcoin Halving Sparks Fee Surge Reaches $128

Bitcoin Halving Surges The Market, Records $128 Transaction Fees

On 20th April, due to the Bitcoin Halving Event, a sudden jump is seen in the transaction fees of Bitcoin. There is an increase in the block fees on the day of halving where the market hit the transaction fees with $128 on the Fourth Halving event. Market experts predicted that the Bitcoin price will surge with positive trends after the Halving Event. 

The day before the Bitcoin Halving event the total fees recorded $78.3 million hammering Ethereum by 24 times more in Crypto fees. On the Bitcoin Halving Event,  a massive amount of 37.7 Bitcoins (worth $2.4 million) was paid to a Bitcoin miner through BTC in the form of a block numbered 8,40,000. 

This block became very popular with a new token standard called Runes which launched at the time of Bitcoin Halving. People especially the fans of meme coins and Non-Fungible Tokens (NFTs) were eager to Participate in the Runes. There were a total of 3050 transactions recorded at the time of Halving in that block and each user paid around $800 on average.

The transaction fees paid to the miners remained high until block 840,200 and then suddenly dropped to a much lower level, afterward. Interestingly, the miners initially didn’t feel the impact of the half-a reduction in block rewards i.e. from 6.25 to 3.125 Bitcoin because of high fees. However, miners are feeling the effect of halving as of now the fee decrease. In recent days, Bitcoin transaction fees have been higher than Ethereum with an average of $17.8 million in 7 days.

Market Situation Day After the Halving Event 

On 21st April, just after the Bitcoin Halving day the average transaction fee steeply fell to $10 for medium priority transactions from $128 on 20th April. This also states that the Bitcoin Halving Event did not bring much sudden changes in the market which helped the Crypto Market to earn profits.

After the Halving Event, the price of Bitcoin isn't drastically affected.

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