The network statistics data show the positive dynamic of the middle-term growth. Besides, the increase of the transaction fees is similar to other periods of high consumers’ interest.
The industry is excited by the coming rally.
Bitcoin transaction fees are currently at 10-month maximum as BTC has got closer to its third halving that will happen approximately on May, 12th. The consumer’s interest has grown as well as other indicators showing that the network is experiencing the upward trend in all aspects.
The BTC purchases are increasing, and this has pushed its price higher for almost $2000 in two days, and has led to the surge of the transaction fees by 450% over the same period. Similar tendency was noted at the end of 2017 when major buyers introduced commission for transactions. Average transaction fee. The BTC transaction commissions have reached $2.50, the highest level in the last three months. The previous significant increase was noticed in June 2019 when the fees exceeded $6. And the highest amount was registered at the end of 2017 and the beginning of 2018 when some commissions surpassed $30 because of the significant inflow of investors.
Operational costs. The history seems to be repeating itself with several indicators showing the network growth. Many consider that the miners’ effort made for getting part of the compensation can affect the network but the statistics don’t demonstrate any signs of this. Bitcoin hash rate, transaction volumes and charges will soon be split in half, and these reduction has already influenced the market according to network indicators showing that investors are buying up hoping that halving will push the crypto’s price in middle-and long term perspective. The options’ trading volumes increased in April just as the regular swaps.
TokenInsight report published last week demonstrated that the enthusiasm around crypto derivatives remained stable, and the Grayscale Investments research demonstrates big opportunities for institutional investors.
Hashrate. The hashing speed in the network is also closed to the historic maximum – 128 exo-hashes that points at that miners are still in the industry. The hashrates also increased after the previous halvings in 2012 and 2016.
Another sign of the growth is the volumes of Google searches with the key phrase “BTC halving” that have almost reached the maximum of 2017. It is obvious that the approaching of halving has made investors nervous waiting for the event. Bitcoin rally. Halving is intended to reduce the block opening reward from 12.5 BTC to 6.25 BTC. A lot of industry players suppose it will push the price although after the previous halvings it took about several months for the significant growth. Along with common network developments and the inflow of investments in the crypto space, there is also a notable growth of confidence in all cryptos as assets and in BTC as a safe heaven.
