Bitcoin & Ethereum Fees Jump Up As Holders Rush To Sell
Data shows both Bitcoin and Ethereum have observed a spike in the transaction fees over the past couple of days as holders have rushed to sell amid the crash. The “transaction fees” is an amount that users making transactions on the network have to pay in order to send the transfers through.
When there are a large number of transactions happening on the network and the mempool becomes clogged, these miners start prioritizing transactions with the highest fees attached to them. In such times, users who want their transfers to go through quicker and not be stuck waiting start putting a higher fee. If network activity remains raised, users start paying an even higher fees in order to outcompete the others, thus leading to the network average shooting up.
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