Key Points
- Bitcoin’s miner fees hit a record high following the anticipated halving event.
- Despite a 1.7% increase, Bitcoin remains in a bear trend.
The highly anticipated halving event of Bitcoin (BTC) has taken place, surprisingly resulting in a significant increase in miner fees, contrary to expectations. This rise was thought to be temporary.
The halving event happened on April 20th. By the end of that day, network fees had soared to an all-time high. According to data from Glassnode, fees spiked to over 1,257 BTC, equivalent to over $81 million, marking the highest daily fee recorded in years.
Fee Fluctuations and User Activity
Further analysis showed the average fees paid on the network increased to approximately $128 per transaction. Bitcoin exhibited the highest fees in the past week, with an average fee of over $20.2 million, compared to Ethereum’s (ETH) closest average of almost $5 million.
However, daily fees have since declined to 344 BTC, equivalent to around $22.3 million. This substantial fluctuation coincided with a decrease in the number of daily new users. While fees were reaching record highs, the number of daily new Bitcoin addresses was decreasing.
Bitcoin’s Price Movement
Despite the fee surge, Bitcoin’s price experienced a slight dip but quickly rebounded. As of the time of writing, BTC was trading at approximately $66,200, reflecting a 1.7% increase. However, its rally was not yet complete, as it still maintained a bearish trend. A shift back into a bullish trend would require breaking above this price range.
