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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: Arthur Hayes sounds alarm as Japanese Yen strengthens

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  Aptos: Assessing what caused APT prices to soar by double digits

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  Argentina Welcomes First Pro-Bitcoin President, BTC Price Surges Above $37,000

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

October 30, 2023
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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Bitcoin Mining Game ‘Miner Wars’ Expands With New Features

Bitcoin Mining Game ‘Miner Wars’ Expands With New Features

April 23, 2025
Here’s what Bitcoin miners are up to as they reel under sell pressure

Here’s what Bitcoin miners are up to as they reel under sell pressure

March 21, 2024
What’s behind MATIC’s current surge?

Why Ethereum’s PoW network has thrived of late

December 15, 2023
‘Hamster Kombat’ Telegram Game Sets Rewards Cutoff Ahead of Airdrop

‘Hamster Kombat’ Telegram Game Sets Rewards Cutoff Ahead of Airdrop

September 17, 2024

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