Bitcoin Transaction Fees Surge as Miner Revenue Declines
Recent data reveals a significant spike in the average Bitcoin transaction fee, soaring from $19.76 to $128.45 within a span of just one day, between April 19 and 20. It's noteworthy that merely a month ago, this fee stood at $5 and plummeted to as low as $2.8 on April 6.
Simultaneously, the daily revenue of Bitcoin miners has been on a downward trajectory subsequent to the halving of the network's block reward. Miners' earnings experienced a 5.1% decline on April 22, dwindling to $48.17 million per day.
Despite this downturn, the daily revenue of BTC miners has exhibited an 87% increase over the past year. On April 23, 2023, miner earnings amounted to $25.7 million. Currently, miners collectively hold 1.86 million BTC, a figure that has implications for Bitcoin's price volatility due to reduced production.
Presently, Bitcoin's value has seen a slight uptick of 0.15% over the last 24 hours, trading at $66,175. The cryptocurrency's market capitalization hovers around the $1.3 trillion mark, accompanied by a daily trading volume of $24.7 billion.
Market intelligence indicates a notable decline in Bitcoin's Network Value to Transaction (NVT) ratio, dropping from 174 to 88 within the past day. This metric suggests that Bitcoin may be slightly undervalued at its current price level, as an NVT ratio exceeding 100 typically indicates overvaluation.