Bitcoin transaction fees have plunged to their lowest level in five years.
According to CryptoQuant analyst Julio Moreno, transaction fees have dropped to their lowest in five years.
Previously, fees had spiked following Bitcoin’s halving and the launch of the Runes token standard, both of which initially caused transaction costs to surge.
Despite a large Runes transaction on April 20 that saw a user pay over $500,000 in fees for a single transaction, the average fee has continued to decline sharply.
On Sunday, Moreno highlighted on Twitter that the current average daily transaction fee on the Bitcoin network is lower than it was in late 2017 and early 2018, marking a significant change in trend.
The large block space demand from Runes has been cited as a way to subsidize miners. However, the recent decline in fees raises questions about the sustainability of miner revenue.
