Spike in Average Transaction Fee

[Sohyun Park]

The Average transaction fee of LTC has spiked up since 29th of July. What is the reason behind this sudden spike?

Mid of may there was a spike in tx fee and also in price. Are these two factors(price and tx fee) actual co-related?

https://blockchair.com/litecoin/charts/average-transaction-fee-usd?interval=1m&granularity=date

[WeedGoW]

The Average transaction fee of LTC has spiked up since 29th of July. What is the reason behind this sudden spike?

Mid of may there was a spike in tx fee and also in price. Are these two factors(price and tx fee) actual co-related?

https://blockchair.com/litecoin/charts/average-transaction-fee-usd?interval=1m&granularity=date

LTC Halving in less than 5 days so there were increases of transactions compared to before. More transactions would mean more expensive tx fee.

[key4co.in]

I think LTC halving news contributed to this. Too many transactions on the network probably caused spike in the TX fee. I'm happy to have accumulated LTC when price was fair,  I'm still holding anyway waiting for a good time to sell half of my bag, then hold the rest for long term.

[Polina_21]

The reason behind the spike in the transaction fees of Litecoin is due to Litecoin halving nearing. We all know that Litecoin halving is scheduled on August 6th, 2019. This event will happen after 840,000 blocks are mined and miners rewards will be cut into half.Currently, in 2.5 minutes 1 LTC is mined for which miners are receiving 25 LTC as a block reward. This will be cut down to half.

Some of the factors which will get affected by halving are: miners, price of Litecoin and the users. Also, the transaction fees will be impacted by this. There will be a delay in the transactions due to which the fees can be more.


Source: https://coinswitch.co/news/litecoin-halving-2019-countdown-know-everything-about-upcoming-ltc-halving

[VanDeinsberg12]

Yes, those factors are co-related from one to each other. charlie has already answered your question through his statement that already published by cointelegraph

https://cointelegraph.com/news/charlie-lee-next-months-halving-will-be-a-shock-to-litecoin-mining

[CryptoInsights]

As per my understanding if the number of transaction to be mined in the mempool increases then we pay more fee to proritize our transaction. Other than this if the size transaction effects the transaction fee. But, In case of LTC blank blocks are getting mined and still the fee is increases what might be the reason please explain.



Only the Coinbase transaction is getting mined and miners are getting 25 LTC even if no transactions are entered in the block. Also, the price is increasing.

[DarkDays]

The transaction fee is still lower than most other major blockchains (e.g. ETH and BTC), so it's still worth sticking with Litecoin during this higher fee period.

I don't expect the fee will begin dropping until a few days after halving, once the dust settles and people cash out their profits.

[unusualfacts30]

It's halving on August 6th that could be the real cause of raised fee. You should probably wait a little after halving if you prefer lower transaction fee. It should get low in about nine days or two days before that.

[digitalblock]

The fee for a coin transaction depends on the price of the coin. If the coin increases its price, the fee will be less, and if it reduces, it will be more.

[bitgolden]

The Average transaction fee of LTC has spiked up since 29th of July. What is the reason behind this sudden spike?

Mid of may there was a spike in tx fee and also in price. Are these two factors(price and tx fee) actual co-related?

https://blockchair.com/litecoin/charts/average-transaction-fee-usd?interval=1m&granularity=date

I am 100% so sure that it should be because of the halving that is nearing, you know there will be more transactions occurring now, and the only time transaction fee is usually high is during network jam, which means there are lots of transactions going on within the market of LTC.

I think that the time is very near for the halving and I am also waiting to see the effect of the value of LTC, I see that bitcoin too is gradually growing and I am not sure if this also contributed to why bitcoin is starting to recover. I have some LTC that I have already accumulated awaiting for this period and I am sure those who are yet to invest in LTC are the ones using this opportunity to accumulate as much as they can which is probably why the fee is high this time.

[Flux0z]

This is the EXACT reason why I believe Lightning will be HUGE in the future.

Fee's are sky-high and will only increase as more and more people adobt Litecoin, and use it. Transaction times slow, which is a pain in the ass.

The Lightning Network solves both of these issues, and even though there are a LOT of people against off-chain transactions, I believe it's a huge key part element to get crypto adopted by mainstream people outside crypto.

Did you know, Stakenet actually helped the Litecoin team implement Lightning on mainnet? Source: https://litecoin-foundation.org/lightning-network-collaboration-with-x-9-developers/

Watch out for Stakenet's Lightning DEX solution which solves EVERYTHING I mentioned above.
With Lightning transactions, trades are near instant, and the fees are low.

They hired Frank Amato - Former JP. Morgan Executive Director, to help them build the DEX, with his many years of trading experience on wall street.
The DEX will run on 2100+ masternodes, making it completely decentralized, meaning even if the Devs wanted to, they CAN'T shut it down once it's up and running.

The DEX requires, NO KYC, NO need to sync with the DEX, NO Registration, and 100% Privacy

The DEX is really just 1 dApp running on their eco-system, but it's the one I'm the most excited for. All trading fees, are distributed to the masternodes running it all. So I'm sure these nodes are gonna run up greatly in price in the future.

Stakenet's DEX Aggregator solves the liquidity issue, by combining multiple DEX order books togehter, to give the user the best deal on his trades.

My point is. Stakenet will enhance Litecoin and BTC. So by mentioning this, I encourage anyone to move your trades over the lightning network to avoid these stupid high fees the OP is talking about.