On August 22, 2024, the average transaction fee in the Bitcoin network surged by 937%, reaching $7.65, according to BitInfoCharts. The last time such high levels were observed was in June 2024. This sharp increase could be attributed to heightened network activity or blockchain congestion.
Since July, the average transaction fee in the Bitcoin blockchain had not exceeded $2. Moreover, on August 18, it dropped to $0.558, marking a record low for a long period. However, users now have to take into account the sudden rise in transaction costs, which may affect the popularity of Bitcoin for small transfers.
Experts suggest that this fee increase may be a temporary phenomenon, driven by specific events or a spike in transaction volume at a particular time. Nevertheless, this situation highlights the importance of solutions aimed at improving the scalability of the Bitcoin network, such as the Lightning Network.
