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Bitcoin transaction fees rise along with market rally, close to $2 average

Bitcoin transaction fees rise along with market rally, close to $2 average

It has been reported by Crypto Slate that in just the last few days, along with the price rally, Bitcoin transaction fees have also risen quite dramatically. As of this writing fees are up close to a $2 per transaction average.
 
According to the article, even factoring in the rise in price, the cost of getting a transaction added to a block withing 6 blocks has risen from 3 satoshis per byte to 80 satoshis per byte, which is a 26x increase.
It has been pretty common for Bitcoin fees to rise along with increased popularity. During the 2017 bull run, at one point fees spiked at over $50 per transaction, on average.
Some have pointed to these fees as a major barrier to adoption, as it is assumed a massive influx of new users would push these fees to absurd levels. There is currently no on-chain solution for dealing with this issue, however some have claimed that the rise and adoption of the Lightning Network, a second layer network, could be just what Bitcoin needs.
It is unclear how users will respond to these rising fees, but so far it hasn't stopped positive sentiment in general. Will fees be an issue during the next bull run? Stick with Chepicap to find out!

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