Timely upgrades, lower mining difficulty, and falling prices can be some factors responsible for the drop in transaction fees.
The average transaction fees on the Bitcoin network fell below $1 owing to several favorable factors. The drop has happened for the first time in the past two years, strengthening Bitcoin’s case for the mainstream payments system.
The Bitcoin Network has witnessed its share of high transaction fees in the past, but with the Lightning Network and Taproot upgrade happening on time, the transactions have become cheaper over time. Bitcoin’s average transaction fee is $0.825 as of now.
Source: Blockchain.com | Average Transaction Fees on the Bitcoin Network
The drop in transaction fees can also be attributed to low mining difficulty and falling market prices.