Fees for making transactions on the Bitcoin network have hit their highest level since 2018.
According to data provided by Bitinfocharts, the fees of the network of the largest crypto on the market have reached a 2-year high coinciding with the rise in the price of the crypto as well as the activity on the network.
The last movement in the fees started on October 26, when the price of Bitcoin was around $13,000. Fees activity peaked on October 28, and the cost growth for October 29 seems to be similar to that of October 27.
According to the resource, Bitcoin users are paying increasingly high fees in order to speed up the processing of their transactions on the network. It must be noted that a high fee ensures a transaction will be processed more quickly by miners, who will give it priority over other transactions with lower fees.
In particular, the average fee was $11 on October 28, its highest level since early January, when the average fee was $6.88.
The Ethereum network also saw a significant increase in the value of the average fee last summer due to the high activity of the network.
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