Historical patterns in Bitcoin fees surface amid the halving countdown

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Fast Take

Information from Glassnode present that Bitcoin (BTC) transaction charges in 2024 have exhibited a normal downward pattern, however not with out intermittent spikes. Contrasting with 2023, the common transaction charges in BTC have escalated, now settling between $1 million to $2 million per day, a marked improve from the earlier 12 months’s $500k common. Notably, inscriptions, notably prevalent from November by December 2023, fueled vital payment spikes, surpassing Ethereum charges for the final two weeks of December and briefly on Feb. 3. Nevertheless, Ethereum has since retained its dominance.

Presently, the common payment per block stands at roughly 0.40 BTC, remaining near cycle lows, having just lately risen from 0.10 BTC. This pattern displays patterns noticed earlier than earlier halvings, characterised by low charges main as much as the occasion and a subsequent surge in charges throughout ensuing bull markets. Remarkably, all through Bitcoin’s historical past, together with three occurrences in 2023, the common payment paid per block has exceeded the block subsidy six instances, in keeping with Glassnode.

Because the halving approaches inside 10 days, historic developments point out that Bitcoin’s post-halving surge may align with a resurgence in charges.

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