Bitcoin average transaction fees has dropped below $1 for the first time since 5th of April 2020. This followed a normal Bitcoin halving trend where fees usually increase. Transaction fees increased above 1500% within April 5 and May 20.
Bitcoin transaction fees have decreased by 91% from May 20 to June 14, that is from $6.65 to $0.56 which is below $1. High transaction fees on the blockchain are associated with network congestion for cryptocurrencies that use the Proof-Of-Work (POW) consensus mechanism. In this scenario there are loads of unconfirmed transactions by miners on the blockchain and in order to have your transaction confirmed, priority is given to transaction with high transaction fees so the higher the fee the higher chance of your transaction entering the pool to be confirmed. So its basically like a bidding where the highest bidder gets confirmed first and so on.
Comparing Bitcoin transaction fees to Ethereum, Ethereum currently holds the record for the highest cryptocurrency transaction fee. Recently someone sent 0.55ETH ($134) paying a record fee of 10,668.73ETH ($2.6Million). This holds the record for highest cryptocurrency transaction fee. While on the other hand the highest Bitcoin transaction fee ever is $55.16, during the Bitcoin bull run of 2017 when bitcoin peaked at $20,000.