Bitcoin and Ethereum Network Fees Remain Modest in January 2025
As we enter the new year, both Bitcoin and Ethereum network fees have stayed relatively low, despite the recent surge in prices. In the first week of January 2025, the average transaction fee on the Bitcoin network was recorded at $1.40. Similarly, Ethereum’s onchain fees have also remained subdued during the same period.
Bitcoin Fees Drop to $1.40, Ethereum Fees Stay Modest
Transactions on both the Bitcoin and Ethereum networks have seen fees under $2 per transaction for average payments. Currently, the average cost of transacting on the Bitcoin network is approximately 0.000013 BTC, which equals $1.34. This translates to around 5 satoshis per virtual byte, marking a significant decrease from the previous 30-day average fee.
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From December 7, 2024, to January 5, 2025, the monthly average fee on the Bitcoin network was around $3.085 per transaction. However, the first five days of 2025 have shown a noticeable decrease, with an average fee of $1.406 per transfer. The highest fee in the past month was recorded at $5.927 on December 2, 2024, while the lowest (excluding January 6, 2025) was $1.431 on November 17, 2024.
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On the other hand, Ethereum transaction fees have consistently remained lower than Bitcoin’s, with the 30-day average fee standing at $1.093 per transaction. In the first five days of 2025, the average fee slightly increased to $1.104. Ethereum’s highest fee in the past month was $1.606 on December 9, 2024, while the lowest fee was $0.7158 on November 29, 2024. As of January 6, 2025, the average fee is 19.76 gwei, equivalent to $1.88 per transaction.
It is important to note that these figures only represent the cost of transferring ether and do not include fees for decentralized exchange swaps, which currently average $27.97 per transaction on Ethereum. Onchain NFT sales incur a fee of approximately $47.26 per sale, while bridging costs hover around $8.99. Despite the decrease in Bitcoin network fees since mid-December, the backlog of unconfirmed transactions has slightly increased to 189,794. However, users are paying a more modest median fee of $0.57 per onchain Bitcoin transfer.