Transaction fees on the bitcoin (BTC) network reached $19.4 in mid-April.
According to the Bitinfocharts service, BTC fees last week were at their highest level since last December. However, already at the end of this week they dropped to $16.1.
If in the first half of this month network activity on bitcoin was increasing due to the approaching halving, it is now weakening.
Traders are shifting to a wait-and-see tactic, and the market is unlikely to see strong movements in the coming days, analysts predict. This eventually led to a drop in transaction fees.
The average daily number of transactions has fallen below 400,000. Roughly the same trend is seen on etherium.
The number of transactions on the ETH network fell to 1.133 million per day this week. In mid-March, that number was as high as 1.377 million. As a result, the average transaction processing fee dropped from $14.7 to $4.036.
Bitcoin and ether strengthened to $64,928 and $3,108 on Friday, April 19, respectively. Cryptocurrencies are on the rise, thanks to capital inflows into stock markets.