I just saw that the transaction fee for bitcoin is really dropped when compared with the earlier few months.
I just wanted to know what affects the bitcoin transaction fee, what makes the fee high or low? Does the demand increase the fee too or when bitcoins price is volatile and keeps increasing or decreasing real fast, does that affect the transaction fee? Does the amount being sent decide the fee?
If not then please state the factors affecting transaction fee!
"I just wanted to know what affects the bitcoin transaction fee, what makes the fee high or low?"indirectly: bitcoin price dropped (some say crashed) and still recovering
this leads to increase of HODLer and decrease of number transactions generated by users
and more users are using segwit addresses (less tx size) also increase the number transactions that can be included in a block
directly: because the reason above, there are less (decrease in numbers and sizes) unconfirmed transactions in the mempool
and there are no significant competition to get them confirmed immediately
so less
unconf tx, less competition, leads to
less minimum tx fee rate per kB