#BinanceAlpha$1.7MReward

Bitcoin's transaction fees are inching higher as its price increases, signaling an uptick in demand for the blockspace of the world's largest cryptocurrency.

The price of bitcoin hit nearly $106,000 on Sunday, according to The Block's Bitcoin Price page, slightly more than a recent high of around $105,600 reached on May 12. BTC dipped shortly after, and currently trades around $104,500.

Alongside the increase in price comes an increase in transaction fees on the blockchain. The seven-day moving average transaction fee on Bitcoin has increased by about $1 since the start of May, and its value of $2.40 is the highest recorded value in 2025 so far, according to The Block's data.

Bitcoin's dominance has also ticked up following a pullback two weeks ago, a possible sign that the dip in bitcoin's value compared to the rest of the crypto market was driven by liquidity rather than a major paradigm shift towards an "altcoin season."