Bitcoin fees since the recent pump.

[Mia Chloe]

Majority of the time, bitcoin fees usually go up when FOMO is high in the market. for those that transact constantly with bitcoin you must have noticed that after every big push in bitcoin price before now would definitely cause the MEMPOOL to get congested and as a result fees would also skyrocket. The reason for the congestion is usually because of majority of scared investors rushing to move their coins over to different exchanges.

Surprisingly this recent pump in bitcoin's price seems to be holding up just good enough to even create new ATH prices at intervals. However fees don't seem to be pumping along price as usual. Fees still revolve around 2 sats/vbyte to around 8 sats/ vbytes. And the behaviour still seems normal with fees being lowest during US midnight to early morning periods and highest during intense afternoon working hours.

What's your opinion about the fees so far?
Could it be investors are scared of moving coins since price may continue to pump?

[Charles-Tim]

The reason for the congestion is usually because of majority of scared investors rushing to move their coins over to different

You mean to move coin from one exchange to another? I guess this is not what you meant because this is not what it should be.

Did you mean they are moving their coins from wallet to exchanges? No because moving coins from wallet to exchanges is common when people wants to sell.

But what fit more to it is that there is increase in on chain transactions.

Those blockchain spam like Ordinals are not yet so much in congesting the mempool is a good reason. But I am surprised that the congestion is not yet much but little.

[Mia Chloe]

~snip

No you don't get my point. People moving coins to exchange was what I meant and not people moving coins across exchanges. Exchanges don't even work directly with the fee rate on the MEMPOOL especially centralised exchanges. They have their own fees they charge their users which is usually way higher than the regular bitcoin transactions.

Like you said , when sell pressure is high fees tend to go up. And that is because people are busy moving their coins to exchanges so they can swap to a stable coin like USDT or sell it off by swapping to fiat. My point is currently that seems not to be the case because fees are very normal. Infact according to coin market cap the greed level of the market is high too.

[examplens]

What's your opinion about the fees so far?
Could it be investors are scared of moving coins since price may continue to pump?

Ordinals and RUNES spammers were responsible for the last fee pumping. Later it turned out that it was more or less a failure and they did not bring huge profits as expected.
I can't say I'm not happy about it.

[bitterguy28]

What's your opinion about the fees so far?
Could it be investors are scared of moving coins since price may continue to pump?

i have not thought much about transaction fees to be honest since i have no plans yet to sell my bitcoins or exchange them for stablecoins there is a chance that the price will still go up but i actually do not know up to how much i am quite confident that it will not really go down too much anymore so if i lose the chance to take advantage from this ath then i wouldnt mind as much as long as it doesnt reach too low

but if the fees are not as high even when the market is like this then maybe that is a good thing and maybe congestion is not as bad as it used to be before?

[Zed0X]

I didn't notice significant congestion from the previous fluctuations too. I agree with the network spamming caused by Ordinals and Runes as the new culprit every time transaction fees surge. BTC price could be moving sideways but you'll still see 50 sats/vb as minimum because of those bep20s.

[rdluffy]

It's good to see fees at 4 to 6 sats/vbyte at the moment of ATH
Nothing crazy is happening right now in network and this is good to everyone (except miners hehehe)

I made some txs to consolidate my wallets, and I paid 3 sats/vbyte

Another good reason is new people buying BTC and not having surprises like paying more than 10 USD to transfer BTC

[legend45]

What's your opinion about the fees so far?
Could it be investors are scared of moving coins since price may continue to pump?

i have not thought much about transaction fees to be honest since i have no plans yet to sell my bitcoins or exchange them for stablecoins there is a chance that the price will still go up but i actually do not know up to how much i am quite confident that it will not really go down too much anymore so if i lose the chance to take advantage from this ath then i wouldnt mind as much as long as it doesnt reach too low

but if the fees are not as high even when the market is like this then maybe that is a good thing and maybe congestion is not as bad as it used to be before?

It seems that gas fees have started to rise because the price of bitcoin and crypto market traffic have started to increase, this is normal because gas fee transactions are always determined by traffic and coin prices at that time. That's based on my observations so far.
I haven't made any transactions yet and am only focused on holding my bitcoins until next year.

[0t3p0t]

What's your opinion about the fees so far?
Could it be investors are scared of moving coins since price may continue to pump?

Well yeah high possibility that all eyes right now is on the investors own target prices that is why they are holding like having an ironhand because they or we are all anticipating the next bullrun to come and I think no one wants to miss it so yeah fewer transactions of letting go their Bitcoins as we all know we want profit. The highest transaction fee I have ever used was 6sats/vB if I am not mistaken and that was a few days ago and now it's going back down to 3sats/vB.

[taufik123]

Transaction fees are indeed quite normal because there is no network congestion.
Network congestion is caused by several Bitcoin layer 2 networks such as Runes which also have many memecoins and NFTs.

But it is not absolute on layer 2 networks, network congestion is also caused by a surge in transactions on the main bitcoin network, so that costs continue to increase and are getting higher.

[Asiska02]

What's your opinion about the fees so far?
Could it be investors are scared of moving coins since price may continue to pump?

Definitely it is something related to that. The bitcoin market is experiencing a lot of demand at the moment and that means more people are ready to hold and people keep buying more and more. The election of the United States always have effect on the price of bitcoin and now that we have a president that is likened to bitcoin, people will gain more trust in this currency and will love to hold as they foresee a brighter future for it rather than rushing to sell them off. Too many transactions which usually cause congestion in the mempool and fees getting high are less for now.

[Aanuoluwatofunmi]

Majority of the time, bitcoin fees usually go up when FOMO is high in the market. for those that transact constantly with bitcoin you must have noticed that after every big push in bitcoin price before now would definitely cause the MEMPOOL to get congested and as a result fees would also skyrocket. The reason for the congestion is usually because of majority of scared investors rushing to move their coins over to different exchanges.

Surprisingly this recent pump in bitcoin's price seems to be holding up just good enough to even create new ATH prices at intervals. However fees don't seem to be pumping along price as usual. Fees still revolve around 2 sats/vbyte to around 8 sats/ vbytes. And the behaviour still seems normal with fees being lowest during US midnight to early morning periods and highest during intense afternoon working hours.

What's your opinion about the fees so far?
Could it be investors are scared of moving coins since price may continue to pump?

Though as for me, I don't think I've noticed the way the market price pump has a direct implications on the mempool size thereby affecting the cost for making transaction fees, though literally as you have mentioned, when the market is highly volatile on a bullish trend, some are selling as well as some traders buying and selling theirs also, which may triggers the little congestion of the mempool for a while, I think this should only be a rare and insignificant impact over the cost on transaction fee.

[Findingnemo]

The key point is not every time and recently ordinals spammers caused the fee on network to rise unexpected but after that phase the fee just holding up in the nominal range constantly with very small spikes here and there.

Also we hit New ATH, it's not an unexpected one especially after Trump wins so people predicted the outcome even earlier of the results day and moved coins to avoid unnecessary spendings on fee because they learnt the lesson from past.

[Tribalchief]

What's your opinion about the fees so far?
Could it be investors are scared of moving coins since price may continue to pump?

Should we say that they are scared?, well i don't think so. I guess everyone prefers to exercise some form of patience because bitcoin still has some new price discoveries to offer, and maybe most investors are probably waiting for a $100K price because that has been a major speculation for long.

The Trump's effect is still very much in action, and i believe no one would want to make any mistake towards the closing of the year.

[robelneo]

Surprisingly this recent pump in bitcoin's price seems to be holding up just good enough to even create new ATH prices at intervals. However fees don't seem to be pumping along price as usual. Fees still revolve around 2 sats/vbyte to around 8 sats/ vbytes. And the behaviour still seems normal with fees being lowest during US midnight to early morning periods and highest during intense afternoon working hours.

What's your opinion about the fees so far?
Could it be investors are scared of moving coins since price may continue to pump?

I just made a transaction today and have been doing for the past two weeks and there have been no changes on the transaction fees; its still 2 to 5 sats I expected a pump when there's a price increase but it did not, I'm glad it did not, as I have many transactions to complete for a whole month.
I guess it has something to do with the prevailing market condition of HODLING because of Trump's winning the election, which promises something great in the price when he sits in the White House. This is only my assumption, but there could be other reasons.