Innovation around Bitcoin has reduced tx fees, transactions at 2017 highs at 15% the cost

Bitcoin transactions are approaching all-time highs while fees remain low.

The number of transactions conducted in April is comparable to the peak of the market in December of 2017, yet total BTC fees decreased by 85 percent.

Transaction fees on the Bitcoin network rose to absurd levels during 2017.

Accelerating interest in the technology in conjunction with skyrocketing BTC prices culminated in average fees of $20. For several days in December of 2017 an average transaction cost $55 to send.

Fees plummetted following the onset of the bearish crypto market as the number of transactions dropped.

Average fees once again returned to sub $1.00 levels in March of 2018 and dwindled through 2018-even when transactions over the Bitcoin blockchain steadily increased.

1st, bitcoin trading volume and transactions per day rose to levels not seen since early 2018.

As fees reached astronomical levels, members of the community called for exchanges and payment processors to begin batching transactions to conserve block space.

Now, many exchanges send transactions with 100 or 200 recipients in a single Bitcoin transaction.

Something else to keep in mind, the total number of economic transactions that take place using the Bitcoin network is still underrepresented if second-layer solutions such as the Lightning Network are included.