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Why Bitcoin Transaction Fees ...

Why Bitcoin Transaction Fees Soared To 10-Month Highs
CONTENT

  • At the end of April, the average Bitcoin transaction fee exceeded $ 2.50.

  • A similar increase in commissions was observed before during the moments of surge in consumer interest..

  • In general, the indicators of the bitcoin network give positive signals about the growth prospects of the MTC ecosystem.

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BTC transaction fees climbed to 10-month highs. This may serve as another indication of the increase in overall activity in the bitcoin network before the halving..

Why Bitcoin Transaction Fees ...

In anticipation of the upcoming halving, which is supposed to take place on May 12, there is an increase in interest in cryptocurrency and an increase in overall activity on the bitcoin network (BTC). This is indicated by a number of indicators, including the size of the commission for transactions with bitcoin..

Buyers step up ahead of halving

Commissions for BTC transactions are currently reaching 10-month highs, which may be due to increased interest in the currency from buyers. The activation of MTC purchases has recently led to an increase in the exchange rate by almost $ 1500 in just two days.

This, in turn, has led to higher transaction fees for currency transactions on the bitcoin network. Over the same period, commissions skyrocketed 450%. A similar situation was observed at the end of 2017, when the bullish run of the market and an active influx of buyers inflated bitcoin fees to unjustified values..

Why Bitcoin Transaction Fees ...

Currently, the cost of commissions has exceeded $ 2.50, which was the highest figure in 10 months. For comparison, in June 2019 it was $ 6, and at the turn of 2017 and 2018 at the moment it even exceeded the $ 50 mark, which was provoked by a massive influx of new investors.

Some fear that the current trend may be driven by miners who simply want to recoup their costs. However, a number of other indicators suggest that the growth of the Bitcoin network is not threatened..

Not only commissions have grown

Crypto enthusiasts regularly give examples of how profitable and cheap money transfers on the bitcoin network are compared to traditional banking systems. However, at times of peak bursts of activity in the MTC network, the situation may change – and now the approaching halving is persistently letting us know about itself. Bitcoin halving halving the number of new coins created and earned by miners. This happens about every four years and … More.

A number of other indicators reflect the activation of buyers who hope that the decrease in the supply of bitcoins will lead to an increase in the value of MTC in the medium or long term. So, this is evidenced by statistics on the volume of options trading or further evidence of interest in bitcoin from institutional investors..

Also on Sunday, the bitcoin hash rate at the moment renewed its historical maximum, reaching a value of 140 exaches / sec, although then it rolled back sharply from this record value, returning also to the previous maximum of 135 exaches / sec, marked on April 14. Such dynamics suggests that miners do not think to capitulate.

Another optimistic signal is the number of searches for Bitcoin halving. As the data of Google Trends show, this indicator is kept close to all-time highs throughout April..

Why Bitcoin Transaction Fees ...

Have you noticed a recent rise in Bitcoin transaction fees? Do you think this is a temporary phenomenon? Share your opinion in the comments!

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