Segwit transaction count on the Bitcoin network spikes - fees plummet

After a grueling period of exuberant fees on the Bitcoin network, reaching well above $50 for a standard on-chain transaction, fees have now returned even below previous numbers, to figures not seen in a long time, dropping as low as $1-2. At the time of writing, the calculated fee to get a transaction into the next block, according to mempool.space, hovers around $8-9.

The drop in hash rate following the recent blackout in China caused extended congestion and quickly rising fees. That hash rate power has started to come back online, and the behemoth transaction processor and wallet provider Blockchain.info has just incorporated Segwit, which is probably the best possible guess for the proportional increase of Segwit transactions.