Starting last year until now, transaction fees have improved compared to the previous bullish period. Right now, fees are still cheap compared to the past, where sometimes they even reached $100 or more during a bull run. So, what changed? Will these low fees continue in the long term, or might we see another spike in fees when the price of Bitcoin surges again?
That's because on the previous bullrun there are organization or group of people who keep spamming the network with dust transactions. The very last is due to Ordinals.
We could experience a lower fees bull run as long as there's no thousands of spam transaction that lead to network congestion. So for your question, it's not permanent, we will soon again experience it, if it happens again.
Yeah I was around then. I think it was rumor that BSV was doing it. I remember paying like 500sats/btye for a transaction. And sometimes if your UTXO was small then there was no point in sending it anyways. Eventually they returned to normal.
A year later same thing happened on ETH due to dex and NFTs. Also I remember paying $50 just to send a single USDT transaction. And it was like this for a whole, a few years until second layers like Arbitrium became popular on ETH.