Transaction fees on the Bitcoin and Ethereum blockchains, the first and second largest cryptocurrencies on the market, have experienced a significant drop, according to data provided by Bitinfocharts.
In particular, transaction fees on the Bitcoin and Ethereum blockchains have fallen by 81% and 71%, respectively, over the past few weeks, coinciding with the general decline in the crypto market.
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As a result of this drop, the average cost per transaction on the ETH network has gone from $69.92 on May 12 to $20.06 yesterday. It has coincided with the cryptocurrency's price rally to a high of $4,358 on May 12, from where it has fallen to $3,500 today.
Regarding Bitcoin, the average fee for transacting on its blockchain has experienced an outstanding 81% drop since mid-April, when the crypto approached the psychological barrier of $65,000 and the transaction fee reached $62.77.