Engaging Title: “Cryptocurrency Fee Plunge: Bitcoin & Ethereum Reach Record Lows in 2024”

Jun 24, 2024

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Bitcoin Transaction Fees Hit Lowest Point Since October 2023


The average Bitcoin transaction fee hit its lowest point since October 2023, while Ethereum gas prices dropped over 92% after the Dencun upgrade. Amidst high volatility in the cryptocurrency market, both Bitcoin and Ether transaction costs reached a new low.


During a tumultuous week in 2024 for cryptocurrencies, Bitcoin and Ethereum saw their transaction fees plummet to levels not seen in months. The decrease in fees can be attributed to reduced network activity and competition within the blockchain networks.

Main Points

Bitcoin’s average transaction fee hit a low of $1.93 on June 23, marking the lowest point since October 2023. The lack of competition and limited network activity contributed to the decline in fees, showcasing the network’s affordability during this period.

During volatile market conditions, transaction fees on the Bitcoin network tend to rise, especially when prices are surging. The increased speculation on cryptocurrency values leads to heightened competition for block space, resulting in elevated fees.

Similarly, Ethereum’s gas fees dropped significantly post the Dencun upgrade, reaching as low as 1 gwei, the lowest in years. The shift of transactions to Ethereum’s layer-2 network following the upgrade led to a substantial decrease in gas fees by over 92%.

Layer2 Insider reported profits of $950,000 from the layer-2 networks in the last week, while several altcoins experienced double-digit losses as Bitcoin’s price dipped below $62,000. CoinShares also gained 116% profit from the FTX Claim Sale, reflecting the dynamic nature of the cryptocurrency market.


The recent dip in Bitcoin and Ethereum transaction fees signifies a period of reduced network activity and competition, providing users with cost-effective transaction options. The market’s volatility continues to impact fees, underscoring the importance of monitoring blockchain trends for efficient transactions.