💸 Bitcoin Fees Drop to Record Lows — Is This the Hidden Bull Signal?
Bitcoin's price has fallen from its all-time high, but the flagship crypto asset remains positive. While the network has performed well in recent weeks, transaction fees have fallen.
Low Bitcoin transaction fees during price spikes
Bitcoin seems strong over $109,000, indicating more increases. As BTC remains strong above this level, an unforeseen network behavior has emerged. Alphractal, an innovative investing and data analytics platform, announced that Bitcoin network transaction fees (Fees Total and Fees Mean in USD) had dropped to incredibly low levels.
The on-chain platform reports that public interest in the main blockchain has never been lower, despite Bitcoin remaining above crucial support! Every on-chain transaction on the network costs $1.5, regardless of amount.
Bitcoin's rising prices have often caused network congestion and higher fees, notably until the 2021 market cycle. The pattern seems to have totally split this time, making the development important in the present market trend.
This significant drop in transaction costs may imply network efficiency, notwithstanding concerns. As BTC's price rises, it adds an intriguing additional element to its market behavior.
Alphractal also noted that Lightning Network transactions have steadily declined, suggesting that P2P payments and transfers have declined.
The platform also saw a change from BTC to other chains in network popularity. Centralized Exchanges (CEX) and alternative networks like TRON (USDT) have been widely used for their near-instantaneous and cheap transactions.
Kyle Doops, technical expert and Crypto Banter Show presenter, reports that TRON Total Value Locked (TVL) has surged dramatically. Kyle Doops said the rise in TRON's TVL reflects what its consumers are experiencing and advised them to watch for a turn.
This means transactional use has gone to other networks and second-layer solutions, while Bitcoin consolidates as a store of value. Market dynamics have changed significantly.
