A significant milestone was recently reached on the Bitcoin network, with the largest cryptocurrency experiencing record-high average transaction fees. Within the past 24 hours, Bitcoin’s average transaction fees soared to $195, breaking previous records as of June 8 at block height 847015.
Data provided by the mempool.space node indicates a notable surge in network activity over the last 144 blocks. Miners received a total of 821.46 BTC, valued at $57 million, equating to an average of 2,579.6 BTC per block, worth $179,029. Consequently, the average daily transaction fee on the Bitcoin network rose to $195.
It is worth mentioning that the previous highest transaction fee on the blockchain was $127.97 per transaction, recorded on April 20 during the Bitcoin halving event. The network had previously only experienced average fees surpassing $60 for the first time in April 2021, amidst Bitcoin’s bullish cycle.
On June 7th, cryptocurrency analytics platform IntoTheBlock reported a significant increase in fees, nearly reaching 90% during the week as Bitcoin approached its all-time high. The current price of Bitcoin stands at $69,329.74, down 3.2% in the last 24 hours, with the highest price recorded at $73,737.94 on March 14. This represents a 5.86% decrease from its historical peak.
Analysts are optimistic about the future of Bitcoin, with some forecasting a rise to $83,000 in the coming days. Technical analysis from the 10x Research platform suggests that Bitcoin may be primed for a move towards the $83,000 level after completing a bullish pattern on its daily chart. Sustained price action above the $72,000 zone could confirm a breakout towards $83,000, surpassing its previous all-time high.
Please note that the opinions expressed in this article are for informational purposes only and do not constitute financial advice. Investing in cryptocurrencies carries a risk of financial loss.