Lowest Level of Bitcoin Core Fees in Years

Since late 2017, the number of on-chain bitcoin core transactions and that of other blockchains, has considerably dropped. This is actually representing the decline in the valuation of bitcoin and most other digital assets at the moment.

Bitinforcharts.com reports that about half a million BTC transactions were recorded in a single day on December 14. By February, records showed an average transaction number below 200,000 a day. On April 24, the number rose to 254,000 but since then, has declined to the lowest level recently of 158,000 on May 26.

The median BTC transaction fee dropped to under 10 satochis per byte in early April. It then later rose to almost 40 sats by the end of the month. As of May 26, the median fee was back below 10 sats per byte again.

Coinmetrics.io explains that median fees are taken as being a more useful metric than looking at average fees. “Median figures are generally much more informative for data like fees or transaction value since the data is normally extremely (positively) skewed.”

The number of bitcoin core transactions using Segwit got to the highest level ever at  38 percent on May 24.
The bitcoin cash network shows that fees have reached their three-month low on April 2, with a median of $0.0018. now, they are at $0.0038 per transaction, which actually represents a significant increase in the space of the month, even though still three times cheaper than bitcoin core, at $0.113. shrewd bitcoin core holders make use of the lowest fee levels to consolidate their unspent transaction outputs (UTXOs). They do so by spending all of the dust in their wallet to a BTC address they have under control.
In that way, they will be able to save money on fees if there is an increase in bitcoin core fees. At that point, each transaction contains fewer UTXOs, making it smaller, thus cheaper.