During what has been described as one of the most tumultuous weeks for the crypto market in 2024, the transaction fees for Bitcoin and Ether have plummeted to levels not seen in months.

On June 23, the average cost of a Bitcoin transaction hit a low of $1.93 per transaction, marking a significant decline since October 2023. These reduced fees can be seen as a reflection of decreased network activity and a less competitive environment within the Bitcoin network.

During times of high market volatility, such as periods of price appreciation, the transaction fees on the Bitcoin network tend to increase significantly. This is primarily attributed to the growing competition for block space fueled by increased price speculation.

Notably, every major bullish period since 2012 has led to a corresponding surge in transaction fees, with one exception being the 2021 bull run. Despite Bitcoin’s price reaching a high of $69,000 during this period, transaction fees remained relatively low compared to previous bullish periods.

Amidst one of the most challenging weeks in 2024 for the cryptocurrency market, the top two cryptocurrency networks are currently offering enticingly low transaction fees.

This is occurring as Bitcoin’s price has dipped below the critical $63,000 price support, and numerous altcoins are experiencing significant double-digit declines.

Despite these tumultuous developments, the cryptocurrency market has witnessed remarkable growth over the past six months, with leading cryptocurrencies such as Bitcoin and a select few altcoins achieving unprecedented all-time highs.