Bitcoin Transaction Fees Dip
Bitcoin transaction fees have decreased after a surge that reached over $18 per transaction on two occasions last week.
As of November 24, 2023, the average transaction fee was around $5.89, with the median fee per transfer at $2.86.
This decrease in transaction costs is attributed to the volatile nature of block space costs.
Dune Analytics reports that ordinary inscriptions, a measure of blockchain activity, have continued to flourish, with over 300,000 mints daily.
As of November 25, bitcoin miners processed over 280,000 inscriptions, leading to a mempool filled with over 200,000 transfers.
As of November 25, there are 206,697 unconfirmed transactions, resulting in a backlog of approximately 269 blocks worth of space.
(With inputs from Shikha Singh)
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