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Bitcoin transactions reach record-breaking levels despite rising fees

Bitcoin transactions reach record-breaking levels despite rising fees

Although the transaction fees per Bitcoin (BTC) block have gone up, this did not seem to prevent investors from trading the flagship decentralized finance (DeFi) asset, which has witnessed a major uptick in daily transactions, reaching a new all-time high (ATH) and breaking the record set over five years ago.

Indeed, Bitcoin hit a new record of 682,280 daily transactions on May 1, which is an increase of 255% compared to its previous ATH of 192,000 reached on December 14, 2017, according to the chart shared by Pedro M. Negron, a research analyst at the blockchain analytics platform IntoTheBlock on May 3.

Bitcoin daily transactions. Source: Pedro M. Negron / IntoTheBlock

As visible from the chart, Bitcoin transactions began to record spikes in late April 2023 after moving up and down, but not outside the region between 160,000 and 320,000 transactions since the chart begins these measurements – in August 2021. On May 1, 2023, these transactions have seen a massive surge.

Rising transaction fees

At the same time, the Bitcoin transaction fees per block have increased recently, as observed by technology expert and associate professor at the Pennsylvania Harrisburg University of Science and Technology Farooq Anjum, who said the growth in fees was necessary for the process of the Bitcoin halving in his tweet on May 2. Specifically:

“The total txn fees per block need to go up to account for the halving in order to justify the cost of mining if the Bitcoin price does not double by next year.”

As it happens, the total Bitcoin transaction fees have been steadily increasing since late April, witnessing a stronger upwards push since the beginning of the fifth month of 2023, as Anjum demonstrated with a chart created using the cryptocurrency analytics platform Dune Analytics.

Bitcoin transaction fees Source: Farooq Anjum / Dune Analytics

Bitcoin price analysis

Meanwhile, the maiden crypto asset was at press time trading at the price of $28,662, up 1.89% in the last 24 hours, 1.10% on the week, and 1.51% across the previous 30 days. Since the year’s turn, Bitcoin has gained 72.27% to its price.

Bitcoin year-to-date (YTD) price chart. Source: Finbold

It is also worth mentioning that Bitcoin’s monthly accumulation indicators have started to show an uptrend for the price, and a pseudonymous crypto market expert Seth has predicted a ‘glorious’ 2025 for the largest digital asset by market cap.

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