In a significant development within the realm of Bitcoin, the leading cryptocurrency has recently seen its average transaction fees soar to an all-time high. Over the past 24 hours, Bitcoin’s average transaction fees surged to $195, breaking previous records on June 8 at block height 847015.
Data provided by the mempool.space node illustrates the spike in activity within the network over the last 144 blocks. Miners received a total of 821.46 BTC, valued at $57 million, in the past day. This averages out to 2,579.6 BTC per block, equivalent to $179,029. Consequently, the average daily transaction fee on the Bitcoin network rose to $195.
It is worth noting that the previous peak on the blockchain was $127.97 per transaction, documented on April 20 during the Bitcoin halving. Prior to this, the network had only seen average fees exceed $60 for the first time in April 2021, amidst Bitcoin’s bull cycle.
On June 7th, the cryptocurrency analytics platform IntoTheBlock highlighted a substantial increase in fees, nearly reaching 90% within the week. This upward trend coincides with Bitcoin nearing its all-time high. “Bitcoin total fees increased by 86.9% this week as $BTC approaches its all-time high,” they stated.
As of the time of this report, the price of Bitcoin was quoted at $69,329.74, marking a 3.2% decline in the past 24 hours. The highest price ever paid for Bitcoin was $73,737.94, recorded on March 14. The current price of Bitcoin stands 5.86% below this historical peak.
Forecasts suggest that Bitcoin may rise to $83,000 in the near future. An optimistic forecast confirms the upward trajectory of the leading cryptocurrency, projecting a surge in price to $83,000 in the upcoming days. Technical analysis from the 10x Research platform indicates that BTC may be gearing up to reach the $83,000 level after completing a significant bullish pattern on its daily chart.
Maintaining a price above the $72,000 zone would signify a breakout of an inverted head and shoulders pattern. Analysts from the platform outlined the necessary steps for Bitcoin to reach $83, thus surpassing its previous all-time high price of $73,737.94.
Disclaimer: The views and opinions expressed in this article are for informational purposes only and should not be taken as financial, investment, or other advice. Investing or trading in cryptocurrencies carries a risk of financial loss.
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