Which day of the week are Bitcoin transactions cheapest?

Bitcoin transactions are not always priced the same. The cost of a transaction, also known as the transaction fee, can vary depending on a number of factors, including the size of the transaction and the demand for block space. One factor that has been found to have an impact on the cost of Bitcoin transactions is the day of the week.

Historical trend

According to data from our Bitcoin transaction fee estimation tool, which tracks the average transaction fee for Bitcoin, the cheapest day of the week to make a transaction is Sunday. On average, the transaction fee on Sundays is about 25% lower than the average transaction fee for the rest of the week. The average transaction fee on Sundays is around $1.5, while the average transaction fee for the rest of the week is around $2.

This trend can be seen in the historical data as well. A study by Chainalysis, a blockchain analysis firm, found that transaction fees were generally lower on weekends and holidays compared to weekdays. The study found that transaction fees were lowest on Sundays, with an average fee of $1.43, while the highest fees were observed on Thursdays and Fridays, with an average fee of $2.16 and $2.09, respectively.

Explanations

There are several possible explanations for why transaction fees are cheaper on Sundays. One possibility is that there is less demand for block space on Sundays. As the Bitcoin network operates on a proof-of-work consensus mechanism, miners are incentivized to include transactions with the highest fees in the next block. When demand for block space is high, miners can charge higher fees for processing transactions. However, when demand is low, such as on Sundays, miners may be willing to accept lower fees.

Another possibility is that the lower transaction fees on Sundays could be due to a lower trading volume on weekends. As the trading volume decreases, there may be less pressure on the network and less competition for block space, leading to lower transaction fees.

It's worth noting that the above data is based on historical transaction fee data, and the actual transaction fee on any given day may vary based on a variety of factors. However, on average, Sunday is the cheapest day to make a Bitcoin transaction. It's also important to keep in mind that transaction fee is not the only metric to measure the cost of a transaction, as the volatility of Bitcoin's price could also affect the overall cost of a transaction.

Conclusion

In conclusion, data suggests that Sunday is the cheapest day of the week to make a Bitcoin transaction. The average transaction fee on Sundays is around 25% lower than the average transaction fee for the rest of the week. This trend can be explained by lower demand for block space and lower trading volume on weekends. However, it's important to keep in mind that the actual transaction fee on any given day may vary based on a variety of factors.