The average fees paid for Bitcoin fell sharply just one day after reaching a record average of $128 on April 20 - the day of Bitcoin's fourth halving.
According to mempool.space, since April 21, fees for Bitcoin (BTC) have fallen to an average of $8-10 for medium-priority transactions .
Just the day before, Bitcoin reached total fees of $78.3 million, beating Ethereum by more than 24 times, according to Crypto Fees.
That day, a staggering 37.7 Bitcoin ($2.4 million) was paid to Bitcoin miner ViaBTC in Bitcoin's halving block at block height 840,000 - making it the most sought-after piece of digital real estate in the network's 15-year history.
Much of the demand in the 840,000 block came from memecoin and non-exchangeable token enthusiasts competing to write and etch rare satoshi via the Runes protocol - a new token standard that was introduced in the block by half.
The block included 3050 transactions, meaning that the average user paid just under $800.
The largest fees from blockchain and decentralized financial projects on April 20. Source: Crypto Fees
According to mempool.space, the higher-than-normal block fees persisted until around 840,200 blocks, but since then block fees have dropped to around 1-2 Bitcoin.
