A significant milestone was reached on the Bitcoin network as the average transaction fees for the largest cryptocurrency soared to an all-time high. Within the last 24 hours, Bitcoin’s average transaction fees surged to $195, breaking previous records and peaking at block height 847015 on June 8.
Data from the mempool.space node revealed a notable uptick in network activity over the past 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, valued at $179,029. Consequently, the average daily transaction fee on the Bitcoin network rose to $195.
It is worth noting that the previous highest fee on the blockchain was $127.97 per transaction, recorded during the Bitcoin halving on April 20. Prior to this recent surge, the network had only seen average fees above $60 for the first time in April 2021, amidst Bitcoin’s bullish cycle.
On June 7th, cryptocurrency analytics platform IntoTheBlock highlighted a remarkable 86.9% increase in fees throughout the week as Bitcoin approached its all-time high. As of the time of writing, the price of Bitcoin was quoted at $69,329.74, showing a 3.2% decrease in the last 24 hours from its peak of $73,737.94 on March 14.
Forecasts are optimistic about Bitcoin’s price trajectory, with one prediction suggesting a rise to $83,000 in the near future. Technical analysis from the 10x Research platform indicated a potential move towards the $83,000 level, following the completion of a bullish pattern on Bitcoin’s daily chart.
Sustained price action above the $72,000 zone could confirm a breakout of an inverted head and shoulders pattern, paving the way for Bitcoin to surpass its previous all-time high. It is important to note that all investment decisions involving cryptocurrencies carry a risk of financial loss and should be approached with caution.
In light of these developments, industry experts like Mark Yusko have expressed optimism about the future of cryptocurrencies and recommended investment in this rapidly evolving space. The soaring price of Bitcoin as it approaches historic highs further underscores the growing interest and potential of digital assets.