Quote from: Learn Bitcoin on Today at 07:17:10 AM

Quote from: Sanitough on October 21, 2024, 02:31:22 AM

I was surprised too when I checked the transaction fees, they’re really cheap these days (checked on mempool). 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. 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.

I also checked the mempool now and it seems the fee is low as 2 sat/vb which is low compared to the recent times. The fee was too high during the BRC-20 token craze but I am glad that it becomes normal again. I have said many times already that I do not think it's a bull run already. We have been in pre-Bullrun for a while now.

A solid bull run will decrease Bitcoin dominance and altcoins will explode which did not happen. The alts now start to bleed every few weeks which is the opposite of a bull run. It is pretty much a bear market for the altcoins. But I believe we are not too far from the next bull run which may happen in 2025. I am holding some altcoins which may be worth 20% of my total holding right now.

I agree with you, I don't think we are in a bull market, it is very close to us if we go by history. Although bitcoin is still trading at $68k, the overall sentiment among investors is completely opposite to when bitcoin hit $68k in March. As I see it, the market situation is generally quite gloomy, people are not showing excitement and enthusiasm like we are in a bull market. Bull season has not yet begun, IMO.

Bitcoin dominance hasn't peaked yet, I think it could hit 62-64% before turning around and starting a real bull run as many expect. Or rather, we haven't had the altcoin season yet, when the prices of many altcoins increase from 100% to 500% per day, which is the real bull season that many people are talking about.