tl;dr
Bitcoin's price is reaching new highs, but the cost to send the digital currency has significantly decreased compared to late last year. The average cost to send Bitcoin is now $7.01 worth of BTC, down from $37 just two months ago. Ordinals trading has decreased, and most of the action is happening ...
Bitcoin's price is reaching new highs, but the cost to send the digital currency has significantly decreased compared to late last year. The average cost to send Bitcoin is now $7.01 worth of BTC, down from $37 just two months ago. Ordinals trading has decreased, and most of the action is happening as traders buy from newly approved exchange-traded funds. Miners will have their rewards slashed in half for the work they do due to the upcoming halving event, potentially impacting transaction fees.
Bitcoin’s price is hitting highs not reached since 2021 as the long-awaited halving event fast approaches. But the cost to send the digital currency isn’t keeping pace. In fact, it’s down substantially compared to late last year when the price was lower. BitInfoCharts data shows that the average cost today to send Bitcoin stands at $7.01 worth of BTC. Just two months ago, in December, the average transaction soared as high as $37 as investors snapped up Bitcoin’s NFT-like Ordinals. Ordinals, which allow non-financial data such as art or text to be inscribed onto the Bitcoin blockchain, are still hot—but BTC transaction fees remain modest. Ordinals trading is at a fraction of what it was two months ago, despite apparently rising again. In December, trades hit a daily volume tally of $85 million. Now, that figure stands at $15.4 million, according to CryptoSlam.
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