I was surprised too when I checked the transaction fees, they’re really cheap these days (
checked on mempool).
The fees fluctuate, it is no really cheap anymore. It is already above 15 sat/vB. I think it is normal now. I guessed the fees was below 5 sat/vB when you made this post. However, so far the transaction fees is quite affordable.
As we’ve all noticed, the market seems to be in a bull run already, with Bitcoin hitting $69k and getting ready to break the current ATH, which should push the price even higher.
The market is in bullrun season already. Sure, we have red market in few months ago but it is reasonable that the market had some corrections.
It is true, Bitcoin price increased to $69,4k yesterday. Today, Bitcoin dropped to $66k and it turns to be around $67k now. It seems not easy to break the current ATH because it always fails to cross $70k.
But yeah, it’s interesting how this time around it’s different compared to the last bull run. Back then, fees were really high, making small transactions almost not worth it. We had to wait until the network congestion eased up before moving any Bitcoin.
Each cycle may have a different thing. The current transaction fees isn't as high as in the last season, but it just leads people easily sending their Bitcoin into market. So, there is always a big supply in the market. This makes it difficult for the price to skyrocket. In the last season, the supply in the market is decreasing a lot because of the high transaction fees. In this condition, the price can skyrocket due to the raise of demand.