As Bitcoin (BTC)’s price nears its all-time high, the cost of sending Bitcoin has dropped to its lowest in nearly a year. According to data from Bitinfocharts, the average transaction fee on the Bitcoin blockchain dropped to $0.73, the lowest since August 2023, when it briefly dipped to $0.64. It has since increased slightly to $0.903, or around 0.000014 BTC.

Currently, Bitcoin is trading at around $66,300 per coin, having surged to $70,000 on Monday on the back of Trump’s keynote address during the Bitcoin 2024 conference. Trump promised to establish a national "strategic Bitcoin stockpile" if elected, raising investors’ optimism. However, it failed to break above the $70,000 level, and is down 4.2% over the past 24 hours.

Bitcoin transaction fees typically spike when the network is congested. During periods of high activity, users must compete for transaction processing, allowing miners, who validate transactions and mint new coins, to charge higher fees for expedited processing.

Despite the recent low in fees, the Bitcoin network has experienced significant fee surges in the past. For instance, in April, the cost to send Bitcoin soared to a record $128 per transaction. This spike was largely due to the launch of Runes, a new standard for creating tokens on the blockchain, which clogged the network with activity.