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Bitcoin and Ethereum transaction fees fall under $2 in January 2025

Bitcoin and Ethereum transaction fees fall under $2 in January 2025

GrafaGrafa2025/01/07 11:30
By:Mahathir Bayena

Bitcoin (CRYPTO:BTC) and Ethereum (CRYPTO:ETH) network fees have remained relatively low in the first week of January 2025, despite the rise in cryptocurrency prices.

The average transaction fee on the Bitcoin network during the first week of 2025 was $1.40, while Ethereum’s fees were slightly lower during the same period.

The Bitcoin transaction fee, currently at 0.000013 BTC, equates to $1.34, marking a significant decrease from the previous 30-day average of $3.085 per transaction.

This recent drop is a stark contrast to the highest fee seen in the last 30 days, which reached $5.927 on December 2, 2024.

The lowest fee during this period, excluding the current figure, was recorded at $1.431 on November 17, 2024.

Ethereum’s transaction fees have remained consistently lower than Bitcoin's.

The 30-day average fee for Ethereum stood at $1.093 per transaction.

However, for the first five days of January 2025, the average fee increased slightly to $1.104.

The highest fee in the past 30 days for Ethereum occurred on December 9, 2024, at $1.606, while the lowest was $0.7158 on November 29, 2024.

As of January 6, 2025, the average Ethereum fee was recorded at 19.76 gwei, which equals $1.88 per transaction.

These figures only account for the cost of transferring ether and do not include the fees for decentralised exchange (DEX) swaps, which are around $27.97 per transaction, or NFT sales, which incur a fee of about $47.26.

Bitcoin’s transaction fees have decreased since mid-December, though the unconfirmed transaction backlog has increased to 189,794.

The median fee for Bitcoin transactions is currently $0.57.

At the time of reporting, the Bitcoin (BTC) price was $101,841, and the Ethereum (ETH) price was $3,674.30.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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