Quote from: bitmover on July 11, 2024, 09:21:36 PM

Quote from: we-btc on July 11, 2024, 09:17:13 PM

Now that Bitcoin fees have come back down, what was the cause of the increase? Was it runes and ordinals?

Has the volume of these derivatives declined to the point that fees are now what they used to be?

The market slowed down. As the price is down, we see less speculative movements with ordinals runes etc...

Also less people sending btc to exchanges.

Fees will probably get higher again when we get closer to ath.

Then people will start selling Jpegs for millions again, flooding the network with apes dicks etc..

First off, I'm glad that the fees went down to as low as 9 sat/vB and that today we can pay less than $1 fro a high priority transaction. I have to admit that couple of times in recent years when the transaction fee was above $40 I thought that it will never be fixed and that it's the end of Bitcoin.

But I have a small question, if it's possible for you to answer. Does transaction fee depend linearly on the current Volume or is it a little bit more complicated?