Bitcoin fees since the recent pump.

[Themepen]

Usually Bitcoin fees go up when prices rise quickly. But recently prices went up and fees stayed steady between 2-8 sats/vbyte. This is unusual and has people wondering why. Maybe investors are hesitant to move their coins thinking prices will rise more. Or perhaps people are feeling calmer about market so there is less panic selling. New technologies like Lightning Network or better wallet management might also be helping. Fees still follow usual pattern lower at night and higher during busy afternoon hours. Everyone is curious about why fees are not rising like usual.

[Faisal2202]

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 the same thoughts, and congestion on the BTC blockchain is not only caused by panic investors trying to move their funds to exchanges in the hope of selling their holdings, but the network is congested because people are selling and buying both. Pumps in the market always attract thousands of new investors and cause old investors to sell both.

Although the fees are normal, nothing new, but yeah for small vendors or investors like me the fee is really annoying but what can be done now?

[dkbit98]

I like the the fees right now and I think that there are less meme crap than usual, that is why we have this state of mempool.
It is better to consolidate coins now and be ready for the next big change of price, either up or down, because this low fees won't last for much longer.

[Madmax789]

Bitcoin transaction fees have seen some volatility recently, with notable increases triggered by surges in network activity and specific events. For example, on November 9, 2024, average fees were around $1.76, up significantly from prior levels in early November, where they ranged from about $0.80 to $1.20. This spike is partly due to continued high interest in Bitcoin following its price rally toward $77,000.Moreover, a major contributing factor to fee volatility this year has been unusual events like Bitcoin's 840,000th block. During that event, competition for space in the block drove fees up significantly, creating a residual effect on wallet fee-setting algorithms. These algorithms now sometimes overestimate fees due to the heightened averages, resulting in sustained elevated fees as wallets engage in a bidding competition for priority processing.
If you’re aiming to avoid high fees, it’s helpful to avoid peak times, use wallets that allow customized fee settings, or consider batching transactions when possible.

[TomPluz]

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

Yesterday, I saw that Bitcoin is really going beyond the $85K level and I thought that transfer fees would skyrocket just like in the past...am so surprised that there seems to be no remarkable spike on this front. The fees are just fine for me and you. This seems odd but a big good news to all of us though am not yet transferring my small hoard of BTC to exchanges as I am looking forward that Bitcoin can still go over the $100K goal. now, that can be the biggest reason why holders are remaining to be silent and not getting the weak hands to let go of their BTC. They are looking to see more and more upward rise into January when Trump will officially start his MAGA reign. Hail to the KINGS - Bitcoin and Trump (just kidding!).

[libert19]

I found this surprising too. Yesterday, I made a transfer to sell some BTC, and paid about $2 high priority fee, transaction was confirmed under 5 minutes, and I was like— this is beautiful, stay like this.

This could possibly because pump has just started and people are not transferring just yet.

[taufik123]

I like the the fees right now and I think that there are less meme crap than usual, that is why we have this state of mempool.
It is better to consolidate coins now and be ready for the next big change of price, either up or down, because this low fees won't last for much longer.

These low fees are like discounts that will eventually rise again with very dense mempool activity with memecoins on Ordinal and rune protocols. But before the Bitcoin Layer 2 memecoin hype again, I started moving some assets to my personal wallet so that I wouldn't be stuck with the ever-higher fees.

[Blaze]

I found this surprising too. Yesterday, I made a transfer to sell some BTC, and paid about $2 high priority fee, transaction was confirmed under 5 minutes, and I was like— this is beautiful, stay like this.

This could possibly because pump has just started and people are not transferring just yet.

We have to remember, if every transaction that has ever occurred in bitcoin is recorded of course when you see low priced transaction and fast confirmation fees, you will was surprised. Do you also recall that several minutes past the halving, the cost of bitcoin transactions rose to more than 1000sat/vB? How come when in 2021 when Bitcoin went to ATH at $69k, transactions weren’t this cheap as they are now. That is, with the costs going down some exchanges should also alter the shipping fee provisions to remain balanced.

[ABCbits]

What's your opinion about the fees so far?

While fee rate recommendation doesn't change much when we talk about sat/VB, it feels a bit more expensive due to higher Bitcoin price.

Could it be investors are scared of moving coins since price may continue to pump?

That may be possible. But let's not forget some investor put their coin on custodial wallet or used ETF to buy Bitcoin.

[Azharul]

We know that bitcoin is one of the best profitable crypto in cryptocurrency world. We also saw that's bitcoin price is increase day by day. If we follow in cryptocurrency market we can see that bitcoin price is $87k up in this time. I also believe that in this year bitcoin price will touch $100k. So i told that it will be best opportunity for all crypto users. We also saw that's bitcoin fees also be increase in this time, so i believe that it’s not be unexpected because bitcoin price is increase in this time. But i think that within a short time bitcoin fees will be decrease.

[Paragon2]

Although Mempool is showing 5sat/vB here but the price of Bitcoin is increasing due to high transaction fees. The current time is so stressful for transactions that bitcoin transactions have to be done with the highest fees in bitcoin transactions. Many investors have sold their Bitcoin holdings, but it is best not to sell Bitcoin during this typically bull market.

[dkbit98]

We are back at 3 sat/vB and Bitcoin is over $91k, I can't believe fees are so low.
I don't think this can last much longer and either way we go from here I think fees are going to increase a lot as we are entering last days of this year.
Better consolidate and move your coins on time.

[TryNinja]

Although Mempool is showing 5sat/vB here but the price of Bitcoin is increasing due to high transaction fees. The current time is so stressful for transactions that bitcoin transactions have to be done with the highest fees in bitcoin transactions. Many investors have sold their Bitcoin holdings, but it is best not to sell Bitcoin during this typically bull market.

"but the price of Bitcoin is increasing due to high transaction fees" what does that mean? How does high fees mean price goes up?

Anyways, kinda crazy how a "low fee" of 6 sat/byte already implies a cost of $0.75 at minimum (usually more since I always got many inputs from campaign payments). Still cheap considering how powerful BTC is and how it requires thousands of nodes and a shit ton of money in energy and eletronics.

[JISAN]

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.

The Bitcoin network is designed in such a way that the transaction with the highest sat/vB will be prioritized first and when there are excess transactions, everyone wants to complete their transaction faster and that's why they transact with more sat/vB.  are willing to do and that is why the transaction fee of Bitcoin normally increases a lot.  When the price of Bitcoin goes up or down a lot, the volume of transactions on the Bitcoin network increases and that's why the transaction volume is high.  But you will notice that when the price of Bitcoin is stable, its transaction fees are very low

[Crypto Library]

"but the price of Bitcoin is increasing due to high transaction fees" what does that mean? How does high fees mean price goes up?

Anyways, kinda crazy how a "low fee" of 6 sat/byte already implies a cost of $0.75 at minimum (usually more since I always got many inputs from campaign payments). Still cheap considering how powerful BTC is and how it requires thousands of nodes and a shit ton of money in energy and eletronics.

My question is what is the reason why mempool is currently so free?
Whereas in January, the price of Bitcoin was less than half, but the size became about 564Mvb due to the large number of transactions. Where the transaction fee went up to 400-500sat/vbyte.
And currently, I don't really understand why the transaction is so low why the mempool is not congested. So what are the reasons for the increase in transactions? Does it have a specific time or market situation?