Data: Bitcoin and Ethereum fees fall to 6-month lows

Transaction fees on Bitcoin and Ethereum have fallen to six-month lows as markets cool.

According to BitInfoCharts, the average price of transactions using Bitcoin has dropped from an all-time high of $62.77 in early April to around $7.20, a drop of 88% in just six weeks. According to YCharts, the average fee for Ethereum has dropped from an all-time high of $72.21 on May 20 to just $4.8, a 93% reduction in less than two weeks. In addition, according to Coingecko data, the decline in transaction fees appears to be driven by a drop in overall market activity, with Bitcoin's daily trading volume evaporating from more than $67 billion on May 10 to $30 billion as of now.