Data: Bitcoin transaction fees doubled from three days ago, and Ethereum network fees rose 180% this month

According to data from bitinfocharts, starting on July 12, the average daily transaction fee for Bitcoin has risen sharply. As of now, it is $5.59, an increase of 120% from three days ago, and an increase of nearly six times from July 12. At the same time, blockchain.com data shows that a large number of unconfirmed transactions blocked in the bitcoin mempool peaked on July 24, reaching 80MB in size. In addition, Ethereum’s network fees have also increased by 180% this month, with an average daily transaction fee of $1.50. The chain notes that the memory pool is a place where all unconfirmed bitcoin transactions must wait until all confirmation messages are announced to complete all transactions. The larger the memory pool, the longer it will take to confirm the transaction, because the more blocks that need to be confirmed will be.