Bitcoin Network Congestion Reaches 95%, But Fees Hold Steady

Popular cryptocurrency analyst Willy Woo has observed what many others in the community have overlooked. While this year’s market downturn has shaved off approximately 70% of BTC’s value, the Bitcoin network is quietly gaining scale. It’s a sign of what many blockchain pioneers have been touting during the market downdraft, which is for developers to keep their heads down working without being distracted by the noise that’s surrounding cryptocurrency prices.

Congestion on the Bitcoin network reached 95% last week, but if you were transacting in BTC, you wouldn’t have experienced an uptick in transaction fees, which remain at approximately $0.1 — even for transactions as large as $194 million. Woo tweeted a comparison of the 2017 congestion of up to 85% versus 2018 peak congestion of 95%, illustrating that despite the higher congestion today fees remain “nominal” and below year-ago levels.

He said:

“Meanwhile… during the bear market no less… Bitcoin’s…