According to the latest reports, the usage fees for Bitcoin (BTC) and Ethereum (ETH) have experienced a significant drop. The reports show that the usage fee for Bitcoin (BTC) has dropped by 81%, while the usage fee for Ethereum (ETH) has dropped by 71%.
The major reason behind such a drop in the usage fees is the recent market situation that the entire cryptocurrency industry is experiencing. In the last week, the overall cryptocurrency industry has experienced a significant drop in prices and market capitalization.
Out of all the cryptocurrencies, Bitcoin (BTC) is the one that has experienced the worst drop in terms of price. Before the plunge, the price of Bitcoin (BTC) went all the way up to $64k per BTC. Soon the digital asset lost its value due to a lack of public trust and most importantly, involvement of mainstream institutional involvement.
As a result Bitcoin (BTC) ended up losing a lot in terms of its price. At that point, the price of Bitcoin (BTC) came all the way down to around $50k per BTC. After that, its prices struggled to make it back to the $60k mark.
During that time, Tesla announced it is accepting Bitcoin (BTC) as a mode of payment and the price of Bitcoin (BTC) started picking up the pace. Just as Bitcoin (BTC) came close to hitting the $60k mark again, the Bitcoin (BTC) carbon emission concerns kicked in. This resulted in Bitcoin (BTC) losing its ground and it came plunging all the way back to $50k per BTC.
That is when Tesla also followed the trail of other mainstream institutions and dismissed BTC as its mode of payment. Since then, the price of Bitcoin (BTC) has dropped even further and at present, it is around $45k per BTC.
On the other hand, Ethereum (ETH) managed to handle the situation quite well throughout the Bitcoin (BTC) crisis. While Bitcoin (BTC) struggled to keep its head high and was pinned by institutional cross-fire over the BTC carbon emission, Ethereum (ETH) pressed on.
It went onto hit its all-time high and crossed the $3k and then $4k per ETH mark respectively. However, as Bitcoin (BTC) lost value, so did the entire cryptocurrency industry, as Bitcoin (BTC) is considered the driving force for the entire crypto-verse.
Before the market slide, the cost of using the Ethereum (ETH) blockchain was $69.92. Since then, the cost of using ETH has dropped down to $20.06.
On the other hand, Bitcoin’s (BTC) transaction price has experienced the same drop. According to the stats, the price of Bitcoin (BTC) transactions has dropped by 81%. The highest point in the Bitcoin (BTC) transaction prices was $62.77 per transaction when Bitcoin (BTC) had hit the $64.5k mark.