Data gathered over the last 36 days reveals that the Bitcoin network’s average transfer fee has consistently exceeded the $3.68 mark, while costs for median-sized transactions have not dipped below the $1.67 threshold. As of Feb. 6, 2024, insights from Bitcoin’s transaction queue highlight a significant backlog of 221,799 transactions awaiting confirmation.
Bitcoin Transfer Fee Insights From the First Five Weeks of 2024
Although network transaction fees in 2024 are still substantial, they haven’t reached the peaks observed in mid-December 2023, the latest data from Tuesday suggests. For example, on Dec. 17, 2023, the peak average transaction fee soared to $37.67 per BTC transfer. The initial five weeks of 2024 have seen the average fee stabilize at $9.39 per transaction across all 36 days.
2024’s peak day for Bitcoin’s network transaction fees occurred on Jan. 2, marking the average transfer cost at $17.32 per transaction. Additionally, data indicates that the lowest average
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