Bitcoin network transaction fees at their highest level since July 2021 indicate strong network demand.
Over the past week, transaction fees on the Bitcoin network have spiked. Bitcoin network transaction fees are now at their highest level in almost three years as of July 2021. This shows that there is strong demand for the Bitcoin blockchain network.
Prominent crypto analyst Will Clemete explained that if the transaction fee is high even in a downtrend market, it will go much higher as the uptrend continues.
Huge spike in Bitcoin transaction fees over the last week. Fees are currently the highest they’ve been since July 2021.
Serious demand to use the Bitcoin network. pic.twitter.com/7mHsiyY1MY
— Will Clemente (@WClementeIII) May 2, 2023
Older brother write :
If transaction fees are this high in a downtrend market (whether from the Normal or not), they can reach higher levels in a bull market, creating a surge in demand for L2. Pair this with some cool new integrations/apps, and we can start to see the lightning network really grow.
All eyes will be on the FOMC event scheduled for Wednesday, May 3. Speech from the Federal Reserve will determine the next price movement for Bitcoin and the global markets.
According to market expectations, the Fed is likely to announce another 0.25 basis point increase in interest rates. However, considering the turmoil in the market with the collapse of the First Bank of the Republic, it is unclear whether the Fed will reconsider its decision to raise rates further.
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