The fees for processing transactions on the Bitcoin and Ethereum networks have fallen to a six-month low amid declining market activity.
According to the BitInfoCharts resource, last April 21, the average fee on the Bitcoin network rose to an all-time high of $62.78. However, it now stands at just $7.27 after falling 90% in six weeks. In February, Bitcoin fees increased 3-fold in two weeks when it was known Tesla had invested in the crypto.
The cost of making transactions on the Bitcoin network has been affected by the decline in its price. Processing a transaction now costs a 43% less than at the mid-April highs. With the drop in the Bitcoin price, trader activity has also decreased. According to CoinGecko, Bitcoin's trading volume over the past 24 hours is around $30 billion after declining throughout last week.
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As far as Ethereum is concerned, the average fee for processing transactions on its network is $6, while it peaked at $70 last May 12. The growth in Ethereum fees is primarily associated with activity in the decentralized finance space, as well as increased trader attention to the cryptocurrency Shiba Inu (SHIB) and other similar tokens.