Cryptocurrency Market Update: Bitcoin transactions processed in less than eight minutes

The average time required to confirm a Bitcoin transaction has plunged significantly in the past month. Simultaneously, the average transaction fees continue to drop after reaching yearly-high following the 2020 halving.

Bitcoin transaction confirmation time reduced significantly in May, according to the data provided by Blockchain.com. Now the average time required to confirm BTC transaction does not exceed 7.88 minutes, which is nearly 98% lower from the yearly high reached at 340 minutes on May 16. Notably, the average confirmation time catapulted to over 6 hours of waiting after the halving only to experience a sharp decrease afterwards.

Notably, the transaction fees also declined significantly from May's high at $6.65 to less than $1.00 by now. The last time fees were this low was at the end of April. 

Top-3 coins overview

BTC/USD recovered from the intraday low of $8,899 to trade at $9,100. Market experts believe that the sell-off on the cryptocurrency markets was caused by the global deterioration of risk sentiments. As concerns mount ove the potential of the second wave of COVID-19, traders and investors flee so safety.  BTC/USD needs to regain ground above $9,300 to improve the technical picture. THis barrier is reinforced by daily SMA50 and the lower line of the broken triangle pattern.

BTC/USD daily chart

ETH/USD recovered to $223.00 after a short-lived move towards $218.00 during early Asian hours. The next important barrier is created by the former channel resistance at $240.00. A sustainable move above this level will allow for an extended recovery towards the recent recovery high above $254.00 The initial support comes at the intraday low of $218.00, followed by psychological $200.00. At the time of writing, the second-largest coin is trading the short-term bearish bias, with over 3% of losses on a day-to-day basis.

ETH/USD daily chart

XRP/USD settled at $0.1847 after a failed attempt to move above $0.1900 on Monday morning. The coin has lost over 3% both on a day-to-day basis and since the beginning of the day.  The support is created by tthe intraday low of $0.1822 followed by psychological $0.1800. If it is cleared, the sell-off may gain traction with the next focus on $0.1700 (23.6%  Fibo retracement for the downside move from February 2020 high).

XRP/USD 1-hour chart