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Home Altcoins

Post-halving, Bitcoin hits this record – but how long will it last?

April 22, 2024
in Altcoins
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Post-halving, Bitcoin hits this record – but how long will it last?
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  • Bitcoin posted strong fees post-halving.
  • BTC remained in a bear trend despite an over 1.7% increase.

The Bitcoin [BTC] halving, anticipated to lower miner fees, has occurred. Contrary to expectations, fees hit a record high post-halving. However, indications suggest it might be temporary.

Bitcoin records highest average transaction fee

The Bitcoin halving took place in the early hours of Saturday, the 20th of April. However, by the end of that day, network fees had soared to a record high, contrary to expectations from the halving.

Analysis from Glassnode revealed that on the 20th of April, fees spiked to over 1,257 BTC, equivalent to over $81 million at the time.

This marked the highest daily fee recorded in years, a significant increase for the platform and its miners.

Bitcoin transaction fees

Source: Glassnode

Further examination of the average fees paid on the network indicated an increase to approximately $128 per transaction on the 20th of April.

Also, looking at the fee chart on Crypto Fees, Bitcoin exhibited the highest fees in the past seven days. The average fee was over $20.2 million, compared to Ethereum’s [ETH] closest average of almost $5 million.

However, as of the time of writing, daily fees had declined. According to Glassnode, fees dropped to 344 BTC, equivalent to around $22.3 million.

This substantial fluctuation in fees coincided with a decrease in the number of daily new users.

Bitcoin addresses fall to lowest in over a year

While fees were reaching record highs, the number of daily new Bitcoin addresses was moving in the opposite direction.

See also  Bitcoin could rally once more - Watch out for this on USDT's chart

AMBCrypto’s analysis of Glassnode revealed a notable decrease in address creation. As of press time, the number stood at 259,431, a drop from the 300-400,000 range seen days earlier.

Bitcoin daily new addresses

Source: Glassnode

This trend suggested that a significant influx of new users didn’t drive the fee surge. Instead, the Runestone development likely played a role, with the subsequent fee drop supporting this hypothesis.

An increase in fees and new users indicates heightened activity, potentially impacting BTC price positively.

BTC goes back to $66,000

On the 21st of April, Bitcoin experienced a slight dip but quickly rebounded, as indicated by its daily timeframe price chart.


Read Bitcoin’s [BTC] Price Prediction 2024-25


AMBCrypto’s look at the chart revealed that at 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. Breaking above this price range would signify a shift back into a bullish trend.

Bitcoin price trend

Source: TradingView

Next: ApeCoin struggles to rally: Can the bounce to $1.3 boost bulls?

READ ALSO

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  • Bitcoin posted strong fees post-halving.
  • BTC remained in a bear trend despite an over 1.7% increase.

The Bitcoin [BTC] halving, anticipated to lower miner fees, has occurred. Contrary to expectations, fees hit a record high post-halving. However, indications suggest it might be temporary.

Bitcoin records highest average transaction fee

The Bitcoin halving took place in the early hours of Saturday, the 20th of April. However, by the end of that day, network fees had soared to a record high, contrary to expectations from the halving.

See also  Sorare's Unique Victor Wembanyama Sorare Card Sells for Record $110,199.79

Analysis from Glassnode revealed that on the 20th of April, fees spiked to over 1,257 BTC, equivalent to over $81 million at the time.

This marked the highest daily fee recorded in years, a significant increase for the platform and its miners.

Bitcoin transaction fees

Source: Glassnode

Further examination of the average fees paid on the network indicated an increase to approximately $128 per transaction on the 20th of April.

Also, looking at the fee chart on Crypto Fees, Bitcoin exhibited the highest fees in the past seven days. The average fee was over $20.2 million, compared to Ethereum’s [ETH] closest average of almost $5 million.

However, as of the time of writing, daily fees had declined. According to Glassnode, fees dropped to 344 BTC, equivalent to around $22.3 million.

This substantial fluctuation in fees coincided with a decrease in the number of daily new users.

Bitcoin addresses fall to lowest in over a year

While fees were reaching record highs, the number of daily new Bitcoin addresses was moving in the opposite direction.

AMBCrypto’s analysis of Glassnode revealed a notable decrease in address creation. As of press time, the number stood at 259,431, a drop from the 300-400,000 range seen days earlier.

Bitcoin daily new addresses

Source: Glassnode

This trend suggested that a significant influx of new users didn’t drive the fee surge. Instead, the Runestone development likely played a role, with the subsequent fee drop supporting this hypothesis.

An increase in fees and new users indicates heightened activity, potentially impacting BTC price positively.

BTC goes back to $66,000

On the 21st of April, Bitcoin experienced a slight dip but quickly rebounded, as indicated by its daily timeframe price chart.

See also  Bitcoin Miners Face Significantly Reduced Earnings in May Despite Bitcoin Price Rise

Read Bitcoin’s [BTC] Price Prediction 2024-25


AMBCrypto’s look at the chart revealed that at 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. Breaking above this price range would signify a shift back into a bullish trend.

Bitcoin price trend

Source: TradingView

Next: ApeCoin struggles to rally: Can the bounce to $1.3 boost bulls?
Tags: BitcoinhitslongPostHalvingrecord

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Memecoin Project Obama6900 (OBX) Joins the Fight Against Malaria with Long-Lasting Insecticidal Nets (LLINs)

Memecoin Project Obama6900 (OBX) Joins the Fight Against Malaria with Long-Lasting Insecticidal Nets (LLINs)

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Tezos 2023 Outlook: An Overview of Tezos (XTZ)

Tezos 2023 Outlook: An Overview of Tezos (XTZ)

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UK risks regulating NFTs the wrong way, says Mintable CEO

UK risks regulating NFTs the wrong way, says Mintable CEO

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Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

August 3, 2024
How to Earn Keys to Boost Your HMSTR Airdrop

How to Earn Keys to Boost Your HMSTR Airdrop

September 10, 2024

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Binance Labs invests in Bitcoin staking protocol Babylon

Runes generate over $135 million in fees in first week on Bitcoin network

April 26, 2024

Vodafone, Sumitomo team up with Chainlink to explore trade documents network

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Crypto Trader Predicts Next 100x Opportunity After 170x And 520x

Crypto Trader Predicts Next 100x Opportunity After 170x And 520x

April 18, 2024
Why Bitcoin bears can’t hamper BTC’s movement

CZ’s X account gets briefly restricted, leaving followers in confusion

November 24, 2023

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