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Average bitcoin network commission fell below $1

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bitcoin network commission

The average bitcoin network commission fell to $0.82. This is reported by BitInfoCharts, which tracks the bitcoin network’s onchain activity. At the time of writing, the average transaction in a cryptocurrency equivalent is 0.000039 BTC.

For comparison, in April 2021, the average transaction on the bitcoin network exceeded $62. The current decline is occurring amid a decline in market activity, which has already affected the quotations of the largest cryptocurrency by capitalization. At the time of writing, the bitcoin (BTC) exchange rate in the BTC/USDT trading pair is $21,302, according to Nomics. Over the past week, the cryptocurrency has lost more than 11% in value and its market capitalization has fallen to $407.7 billion.

Meanwhile, ETH has a times higher average fee of $1.72. In the cryptocurrency equivalent, commissions on the Ethereum network are 0.0011 ETH. Since the beginning of the year, the commission maximum was reached in early May, when the average commission rate briefly soared to almost $200. Read in the editorial what exactly caused such a jump.

Meanwhile, the rate of ETH in the ETH/USDT trading pair decreased even more during the week – by more than 17% to $1,572. The capitalization of ETH at the same time is a little more than $191 billion. Even though the Ethereum network is preparing for an important update, the transition to a new algorithm is unlikely to reduce the amount of commissions.

As DeFi-analyst Vivek Raman noted, the size of bitcoin network coin commissions depends on the demand for the blockchain space. If the Ethereum update leads to an increase in user activity around ETH, then the commissions will continue to grow.

Earlier, we reported that Bitcoin is showing signs of ending its “crypto winter”



Cryptocurrency

These Alts Dumped the Most as Total Crypto Market Cap Lost $100B in a Day (Market Watch)

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Bitcoin’s price movements over the past several days were quite promising as the asset had recovered from last week’s crash and stood above $66,000 and even $67,000 before the landscape changed for the worse once again today.

The altcoins, though, are in an even worse state, with numerous massive price declines across almost all charts.

BTC Slides Below $64K

CryptoPotato reported the adverse price movements last week that were propelled by the escalating tension between Iran and Israel. This culminated in a price drop to under $59,500 on Friday, hours before the fourth halving.

However, when Iran tried to calm the situation, bitcoin went on the offensive and jumped by over five grand in hours. It faced the completion of the halving at around $65,000 and kept climbing gradually over the next few days to just under $67,000.

The latest failed attempt to overcome that level was yesterday. However, the bears were quick to intercept the move and pushed the cryptocurrency south hard.

In a matter of hours, the asset fell by more than $3,000 and kept dropping to a multi-day low of $63,500 (on Bitstamp). Its current price tag is not much higher amid the growing ETF outflows, and its market cap has declined to $1.260 trillion on CG. Its dominance over the alts has remained at the same level of 50.7%.

Bitcoin/Price/Chart 25.04.2024. Source: TradingView
Bitcoin/Price/Chart 25.04.2024. Source: TradingView

Alts Turn Red

The landscape around the altcoins is even worse today. Aside from BNB, TRX, and LEO, who have been spared by the crash, the rest of the larger-cap alts are deep in the red. ETH is down by 4% and trades inches above $3,100. Similar losses are evident from XRP, LINK, LTC, and NEAR.

More painful declines come from the likes of Solana (-7%), Dogecoin (-8%), Toncoin (-9%), Cardano (-6%), Shiba Inu (-8%), Avalanche (-10%), Bitcoin Cash (-6%), and Polkadot (-8%).

The total crypto market cap has dumped by around $100 billion in a day and is under $2.5 trillion on CG now.

Cryptocurrency Market Overview. Source: QuantifyCrypto
Cryptocurrency Market Overview. Source: QuantifyCrypto
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

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Cryptocurrency

It’s Not Looking Good for Bitcoin HODLers, Warns Peter Schiff as BTC Correction Continues

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The popular bitcoin perma-bear Peter Schiff has carried out another verbal attack on X during the most recent price correction that drove the asset to a multi-day low of around $63,000.

Schiff, known for his support and admiration for gold, believes BTC’s price could plummet even more if it breaks below $60,000.

Not Looking Good?

Although the fourth halving took place less than a week ago, an event typically related to the start of another bull run, many crypto experts, including Arthur Hayes, warned that the largest crypto asset could retrace ahead, during, and shortly after the block reward reduction.

This has indeed been the case so far, as bitcoin dumped hard last week amid the geopolitical issues between Iran and Israel, recovered some ground after the halving but started losing value in the past 24 hours again.

The latest decline drove BTC south by approximately four grand, from almost $67,000 to around $63,000 as of now. Such corrections are usually used by bitcoin critics, such as Peter Schiff, to (perhaps) exaggerate the current market conditions and issue big warnings for HODLers.

In his latest attempt to spread FUD, Schiff said new investors who are not used to the volatile nature of bitcoin, could be “in for a rude awakening.” He also pointed out the $60,000 level as the most important psychological line BTC has to maintain to prevent further declines.

What About Gold?

As mentioned above, Schiff is a well-known gold bug and recently also commented on the yellow metal’s correction. The safe-haven asset went from an all-time high of $2,425/oz to under $2,300 in the span of a few weeks.

However, it managed to bounce off and is currently trading above $2,320. Consequently, Schiff believes the worst for gold is over as he sees $2,300 as the new support level that won’t be broken soon. Moreover, he predicted that the precious metal would go above $2,400 shortly and forecasted another BTC correction.

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Cryptocurrency

Velocity Labs and Ramp Network facilitate fiat to crypto onramp on Polkadot via Asset Hub support

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[PRESS RELEASE – Zug, SWITZERLAND, April 25th, 2024]

Velocity Labs is proud to announce a fiat to crypto onramp using Ramp Network through the integration of Asset Hub. Through it, Ramp will be able to service any parachain in the Polkadot ecosystem.

Onramps from fiat to crypto have historically been one of the biggest pain points with regard to DeFi accessibility. Thanks to the tireless builders who identified this issue early on, and have been working with regulators, credit card issuers and other payment infrastructure providers, the high barriers to crypto entry are about to be a thing of the past.

In November of last year, Velocity Labs began talks with Ramp, the leading onramp infrastructure provider for web3. The objective was simple: maximize Asset Hub’s accessibility, and to get it to its full potential.

Asset Hub is a system parachain considered the “home base” of assets in the Polkadot blockspace ecosystem. It enables the creation, management, and use of assets in the Polkadot network. As a system parachain, it has a trusted relationship with the Polkadot Relay Chain, allowing for porting of DOT from the Relay Chain to Asset Hub. Asset Hub is crucial for the emission of tokens similar to ERC-20 (the Ethereum standard powering DeFi on that chain) and the imminent and future resurgence of DeFi on Polkadot. However, Asset Hub has many constraints, particularly around UX and DevEx. Recognizing the potential of Asset Hub and its importance, Velocity has been working tirelessly to address these limitations.

Ramp is a financial technology company building solutions that connect the crypto economy with today’s global financial infrastructure. Through its core on- and off-ramp products, Ramp provides businesses and individuals across 150+ countries with a streamlined and smooth experience in converting between cryptocurrencies and fiat currencies. Ramp is fully integrated with the world’s major payment methods, including debit and credit cards, bank transfers, Apple Pay, Google Pay, and more.

About Velocity Labs

Velocity Labs is a DeFi and infrastructure development company founded with the objective of transforming the Polkadot blockspace ecosystem into a thriving hub for DeFi innovation. A team formed by Polkadot veterans and DeFi experts, Velocity Labs is committed to building critical market infrastructure and tooling to unlock Polkadot’s full potential.

More information on velocitylabs.org

Velocity Labs actively searching for builders to join us in creating the most efficient and resilient ecosystem for DeFi on Polkadot. If you think this is you, please get in touch with us through this form.

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