On Sunday, the average transaction fee for Bitcoin dropped after reaching a record high the day before following the network’s fourth halving.
According to data from YCharts, the average fee paid for a Bitcoin transaction fell to $34.8 on April 21, after peaking at $128.45 on the day of the halving.
This average fee measures the cost in USD when miners process a Bitcoin transaction. The total transaction fees for Bitcoin on April 20 were $81 million, a significant increase from $7.7 million the day prior.
However, the fees dropped to $22.37 million on April 21. The hike in fees was caused by the introduction of the Runes protocol by Casey Rodarmor, which is similar to BRC-20s and led to a surge in fees as people rushed to create rune-based memecoins.
