RATE Group | Bitcoin and major altcoins are dormant after volatile week
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Bitcoin and major altcoins are dormant after volatile week

23 May Bitcoin and major altcoins are dormant after volatile week

Posted at 20:16h in Cryptocurrency News by

  • Bitcoin’s transaction fees are the highest in more than two years.
  • The first digital coin needs to regain ground above $9,300.
  • Altcoins are range-bound after a volatile week.

Transaction fees and mining difficulty on the rise

Bitcoin transaction fees reached on average $6.62, which is the highest level since February 2018. Moreover about 90MB of data are waiting for confirmation. Experts note that the rising fees are indicative of growing demand within Bitcoin’s network. 

Apart from that, the growing fees can be partially explained by the decreasing hash rate. It has plunged from 120 to 95 petahashes after Bitcoin’s halving. It is the deepest decline, and it means that it is more difficult to find blocks than usual. Consequently, the network capacity is decreasing, which leads to the overload and pushes fees higher.  

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Bitcoin (BTC) has recovered from the intraday low of $9,088, however, the bulls faced a brick wall…

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