Why Have the Transactions and Fees on the Bitcoin Network Surged?

8:14 am, Tue, 10 May 22

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Bitcoin is the world’s largest and most prominent cryptocurrency. It heavily dominates the crypto market as any movement noted for its price also causes the prices of altcoins to fluctuate.

For the past few weeks, the price of Bitcoin has been struggling to surge higher than the $40k price mark.

To the dismay of BTC enthusiasts, the price has been declining and is now trading at $32,562 (at the time of writing). In the last 24 hours, the price has dropped approximately 3.13%.

Due to the current uncertain situation, some Bitcoin investors have started to de-risk. It has been reported that the fees and transactions on the Bitcoin network have also surged.

Let’s find out why and how it affects BTC.

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Positive Movement Seen for Bitcoin Network

As mentioned earlier, the price of Bitcoin has been struggling for a few weeks now. Contrary to expectations, the price of the flagship crypto asset has been stuck in downward momentum.

Here is a graph by CoinMarketCap that shows BTC’s price movement over the last seven days.

btc-graph-10-05-2022

The uncertainty associated with the price movement of the crypto king has led many investors to urgently send BTC into exchanges. This is either to limit the risks and exposure to their portfolios or to protect margin positions with more collateral.

The moves being made by the investors are for de-risking but it has caused the transactions on the Bitcoin network to see a significant increase over the last week.

According to reports, an unexpected influx of approximately 42,800 transactions hit the mempool on the network in the last week.

The average fee paid per transaction also surged to $2.72 in the past week, which is 15% more than the typical average. According to analysts, the high transactions are likely to be urgent due to the increase in fees.

The inflows were certainly higher than the outflows. However, it is uncertain whether it is for BTC’s benefit or not as investors paid higher fees to prioritize their bids and de-risk their portfolios.

Bitcoin does have an undeniable significance, therefore, if you want to invest in it make sure you opt for the lowest fee Bitcoin exchange.

What to Know as a New Crypto Investor?

As a new crypto investor, there are numerous aspects that you need to know before you begin. One of the topmost factors to know is the significance of choosing a secure and suitable exchange.

Since there are numerous crypto exchanges in the market you need to be careful while choosing one that matches your needs and criteria, whether you want to buy, sell, trade or hodle crypto. Choosing a platform that prioritizes your security can also help you buy crypto with minimum risks.

Therefore, if you are a new crypto investor, here are a few helpful tips you need to know.

  • Choose the best Bitcoin exchange that matches your criteria and requirements.
  • Initially invest as much as you can afford to lose.
  • Keep an eye on the price movement of the digital asset and know when to invest.

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