The cost of Bitcoin transactions decreased by 50% in five days after a sharp growth by 2020% since the beginning of the year. Now Bitcoin users can send their coins for $3.06 form over $6 less than a week ago.
Notably, the number of unconfirmed BTC transactions in the Bitcoin mempool also reduced, which lessened the pressure on the network fees. Bitcoin’s mempool is a place where the transactions wait for confirmation. It is usually measured in megabytes (MB) or in raw numbers. In recent days, the number of transactions in the mempool decreased by 71%.
Top-3 cryptocurrencies price updates
Bitcoin (BTC) tested $9,013 earlier on Tuesday; however, the recovery momentum was not strong enough to take the price above the critical barrier. At the time of writing, BTC/USD is changing hands at $8,850, mostly unchanged both on a day-to-day basis and since the beginning of Tuesday. A failure to settle above $9,000 worsened the short-term technical picture, however, in the long-run, the first digital coin is still on the recovery mode.
Ethereum came close to $200.00 on Tuesday after a short-lived growth above $204.00. The second-largest digital asset is unchanged on a day-to-day basis and down 1.5% since the start of the day. The price needs to gain ground above $205.00 to improve the short-term technical picture and allow for the recovery towards $210.00. The critical support is created by $200.00.
XRP/USD recovered from the intraday low of $0.1927 and stalled at $0.1930 as the recovery momentum failed to take it above $0.1960. The critical resistance is created by $0.2000, but it seems that the coin may venture another deep below $0.1900 first.