Bitcoin (BTC) Transaction Fee Shoots to 3-Year High Hinting Strong Network Demand

Bitcoin (BTC) has confronted robust volatility this week. Nonetheless, the BTC value has confronted rejection at $30,000 and is at the moment buying and selling near the $28,500 degree.

In an attention-grabbing growth during the last week, there’s been an enormous spike within the transaction charges on the Bitcoin community. The Bitcoin community transaction charges are at the moment on the highest in almost three years since July 2021. This means that there’s a powerful demand for the Bitcoin blockchain community.

Courtesy: Glassnode

Widespread crypto analyst Will Clemete explains that if the transaction payment is excessive even throughout the bear market, it might shoot a lot greater because the bull market resumes. He wrote:

If transaction charges are this excessive in a bear market (whether or not from Ordinals or not) they may attain a degree within the bull market that creates critical demand for L2s. Pair this with some thrilling new integrations/purposes, we would start to see the lightning community really develop.

Bitcoin Buyers to Intently Watch FOMC Growth

All eyes can be on the FOMC occasion scheduled on Wednesday, Could 2. The commentary from the Federal Reserve will decide the subsequent value motion for Bitcoin and the worldwide markets.

As per market expectations, the Fed is prone to announce one other 25 foundation price hike. Nonetheless, contemplating the contemporary turmoil out there with the autumn of the First Republic Financial institution, it’s unclear whether or not the Fed would rethink its additional price hike resolution.

Over the past 24 hours, the BTC value has jumped by 2% and is at the moment buying and selling at $28,589 with a market cap of $553 billion. Nonetheless, Bitcoin must convincingly break previous $28,700 ranges to verify a bullish development. Failing to take action will preserve the gates open for a fall to $27,000.

Together with Bitcoin, different altcoins are additionally displaying indicators of gentle restoration with Ethereum (ETH) gaining by 2% and different alts leaping in related magnitude.

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