2 Days After the Bitcoin Halving: Network 'Remains Strong,' Higher Fees, Bullish Sentiment

2 Days After the Bitcoin Halving: Network 'Remains Strong,' Higher Fees, Bullish Sentiment

THELOGICALINDIAN - On May 11 2024 the Bitcoin arrangement completed its third block accolade halving and the arrangement seems to be chugging forth aloof accomplished However it may booty a while best to see the halvings aftereffect on the mining industry and appropriate now bitcoin transaction fees accept risen exponentially Despite the ascent fees the analysis close Glassnode explains that the Bitcoin blockchains bloom charcoal able afterwards the accolade reduction

Despite the Rise in Bitcoin Transaction Fees, Glassnode Report Says Overall Network Health charcoal strong

The Bitcoin (BTC) arrangement has halved its block reward and so far, aggregate is still alive as intended, at atomic for now. One affair bodies are accusatory about today is the actuality that transaction fees accept risen significantly back the halving. For instance, if one was to do a asperous boilerplate of the 50 blocks mined afore the halving, they would see that miners were accepting about 0.205 BTC in transaction fees per block.

2 Days After the Bitcoin Halving: Network 'Remains Strong,' Higher Fees, Bullish Sentiment

After the halving, however, and a little beforehand, the transaction (txn) fees started ascent abundant higher. At the time of publication, the fee appropriate to get into the abutting block can ambit amid $2-4 per txn. 241 blocks accept been mined so far afterwards the halving, and miners are accepting about 1 BTC in fees per block or a blow added or blow beneath per block. Meaning, best miners are accepting about 7.5 to 8 BTC per block, which is not too bad of a accident abnormally with the amount ascent slowly.

A contempo report from the assay and assay close Glassnode alleged “The Anniversary Onchain: Anniversary 19, 2020,” explains that the Bitcoin arrangement is still in aiguille bloom performance-wise. Bitcoin fundamentals remained able arch up to and afterward the halving,” Glassnode reported. “Hashrate follows its aisle as miners accumulate mining,” the address added. As far as BTC’s bazaar bloom is anxious “onchain fundamentals alone hardly in Anniversary 19,” Glassnode said. “GNI registered a 2 point abatement over the week, blame its all-embracing appraisal of the Bitcoin ecosystem to 74 points, the 10th accomplished account amount back 2017. This abatement was mainly apprenticed by the Sentiment subindex, which decreased by 13 points,” the aggregation wrote. Glassnode added continued:

2 Days After the Bitcoin Halving: Network 'Remains Strong,' Higher Fees, Bullish Sentiment

Coinshares CEO: ‘Bitcoin Is the Perfect Hedge for Any Investor’

Additionally, abounding BTC investors and cryptocurrency aggregation admiral are still actual optimistic about bitcoin’s abutting rise. Jean-Marie Mognetti, CEO of Coinshares, abundant in a agenda to investors that with “the adventuresomeness of [his] conviction, [he is] bullish for bitcoin.”

“Meanwhile, the Fed is aggravating to accumulate the bazaar affect absolute and has continued its antithesis area by about 2.6 abundance dollars back the end of February,” Mognetti wrote. “This is the better budgetary aggrandizement anytime witnessed and the bazaar is assured added budgetary bang and bond-buying programs to be issued. This is somehow already priced in with Fed armamentarium futures for mid-2024 and end of 2024 amount implying abrogating Fed rates. This is a aboriginal for the US, but we are in a time of “firsts”. Oil was additionally not declared to be able to barter in abrogating territory,” the Coinshares CEO added. Mognetti assured by stating:

At the time of publication, BTC has beyond the $9K amount region already afresh afterwards activity beneath $9K aloof afore the halving. The cryptocurrency has a bazaar assets of about $166 billion today and the arrangement hashrate was artless by the halving. Although abstracts from the web aperture Fork.lol shows that BTC may accept absent about 15-20 exahash in the aftermost 24 hours. If the amount per BTC, continues to acceleration however, again those miners could calmly acknowledgment in the abreast future. If the amount goes southbound, BTC arrangement assemblage may see a abundant beyond accedence of miners leaving. So far, with added than 24 hours abaft the halving and 241 blocks mined that doesn’t assume to be the case.

What do you anticipate about the day and a bisected afterwards the Bitcoin Halving? Let us apperceive in the comments below.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Glassnode, Fork.lol, markets.Bitcoin.com