Bitcoin (BTC) transactions average confirmation time has seen a significant decline in the previous month. Blockchain.com shared data shows that the average time that is needed to confirm a single transaction of Bitcoin (BTC) has decreased by 97% in the past month.
Apart from this, the average Bitcoin transaction fees also started declining despite posting a yearly-high on the board.
The average Time for BTC transaction drops down
A huge decline has been noted since the mid-May in the confirmation time for a Bitcoin transaction according to the recent data shared by Blockchain.com.
The Blockchain data reveals that right after five days of the 2020 halving, Bitcoin’s average confirmation time for a transaction skyrocketed to its yearly-high on the 16th of May reaching 340 minutes as the below-given chart shows.
But after that, the average confirmation time started decreasing and now within the duration of the last thirty days, it has dropped as low as 7.88 minutes after recording a massive 9.88% significant decline.
BTC average transaction fee also faces a huge decline
Not only Bitcoin’s average transaction confirmation time has plunged down but the average transaction fee of Bitcoin has also been decreasing down constantly since the month of May.
Bitcoin transaction fees reached their yearly high of $6.6 at the press time in May 2020 a few days after the BTC halving got completed. Since that time, the average transaction fees have been dropping down continuously. A fall of approximately 92% within the duration of one month has brought down the average BTC transaction fees in USD per transaction to $0.55 which is a huge decrease.
Bitcoin network has noticed a significant drop in two of its metrics which clearly refers to the fact that Bitcoin’s fundamental metrics are very week at the time when the leading coin needs them the most as Bitcoin price aims at the $10,000 breakout.