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Bitcoin’s [BTC] average transaction fees soar to 10-month high while Bitcoin Cash [BCH] shows little change

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Bitcoin's [BTC] average transaction fees soar to 6-month high while Bitcoin Cash [BCH] shows little change
Source: Pixabay

Bitcoin and altcoins are perceived quite differently from Bitcoin and its hardforks. The debate here is more tribal, with the debate pitting purported BTC maximalists against Bitcoin Cash [BCH] proponents and others who claim to act according to Satoshi’s Vision.

However, statistics charting out average transaction fees for the king coin and its little brother, Bitcoin Cash, paint a telling tale. In fact, the average transaction fee for Bitcoin has soared to its highest point in over 10 months, while the same metric for Bitcoin Cash does not point to a significant change.

According to BitInfoCharts, the average transaction fee for Bitcoin was recently recorded at $2.86. Given that the fees mirror the price of the coin, average transaction fees began to pump in early April when Bitcoin saw its largest daily gain in almost a year. The transaction fee was under $0.50 in March and saw a massive 351 percent hike to reach $2.16.

In the ensuing weeks, as Bitcoin’s price began to stabilize, average fees dropped to under $0.70 once again. On the back of several announcements covering adoption, fundamentals changes, and even FOMO, transaction fees soared from $0.98 on 4 May by 194.48 percent, to reach the press time fee of $2.88.

Despite Bitcoin Cash being the market leader in terms of price gain earlier this week, average transactions fees just saw one short-lived spike. On 18 April, the fee for BCH transactions jumped from $0.0052 by an unforeseen 1282.69 percent to reach $0.0719 in less than 48 hours.

In addition to the above spike, another brief rise was seen on 29 April, when the average fees climbed to $0.0159 from $0.0029. At press time, the average transaction fees for Bitcoin Cash recorded by BitInfoCharts was $0.0058.



The same was confirmed by @Bitcoin, which is accused by many of being pro-Bitcoin Cash,

“BTC average transaction fees have reached a new 6-month high of $2.886
BCH average transaction fees remain stable at $0.005”

Recently, a LongHash report dated May 10, 2019 stated that Bitcoin miners earned eight times more in transactions fees, than all other cryptocurrencies listed on Messari.io’s OnChainFX ranking. The report added that these fees would be more of a “key financial incentive” for miners, especially given the BTC halving scheduled for May 2020.





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Binance Coin [BNB] registers ATH as it surges by over 16,000% since inception

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Binance coin [BNB] registers ATH as it surges by over 16,000% since inception
Source: Pixabay

The cryptocurrency market continued to register massive growth, as the prices of most major cryptocurrencies soared. However, the late entrant to the list, Binance Coin [BNB] is posing to be tough competition for other coins in terms of performance. BNB which entered the crypto market in July 2017, breached its all-time high and was trading at $28.79, at press time.

Source: Trading view

Source: Trading view

Binance Coin started out in July 2017 with a value of $0.1927 and marked its all-time high on May 18 at $31.91, according to the Trading View chart of the coin on Binance. BNB noted the growth of a massive 16,458.31% since 2017. However, until the beginning of 2019, BNB was valued at $6.59, after which the coin noted a surge by 384.15% and peaked at $31.



Source: CoinMarketCap

Source: CoinMarketCap

In the month of May, BNB noted a 28.16% growth, and the coin was valued at $28.66, with a market cap of $4.04 billion. The 24-hour trade volume of the coin was reported to be $551 million as it spiked by over 10% in a day. In the past seven days, the coin grew by 35.97%, but slipped by a minimal 0.25% in an hour.

BNB was highly traded on its native exchange, Binance via the BNB/BTC and BNB/USDT pairs. The BNB/BTC trading volume noted on Binance was $140 million, while the volume reported on the BNB/USDT pair was $132 million. The third place was taken by BKEX via the BNB/USDT pair as it registered a trading volume of $72 million.





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