Bitcoin Network Fees Climb Sharply Amid Price Breakout
According to TechFlow, citing data from blockchain analytics firm Sentora (formerly IntoTheBlock), Bitcoin network transaction fees surged 51.03% this week, reaching $6.43 million as of May 23. The spike coincided with Bitcoin breaking above $110,000, setting a new all-time high.
This sharp increase reflects intensified on-chain activity as market participants respond to both price volatility and renewed institutional interest.
Fee Market Reacts to On-Chain Congestion and Trading Demand
The rise in network fees is often linked to:
Higher transaction volume from increased market participation
Congestion on the Bitcoin mempool, with users competing for faster confirmations
Speculative interest surrounding major price milestones and breakout levels
