Bitcoin

An analysis of Bitcoin’s current fee market compared to the 2017 bull run

Quick Take

  • Compared to the last cycle in 2017/18 in which Bitcoin went from $3,200 to $11,000, the average mean fee is down approximately 76% and the average median fee is down about 89% 
  • The average amount of unconfirmed transactions in Bitcoin’s mempool has decreased by 61%
  • The growth of scaling solutions like SegWit has helped contribute to the decrease in fees 

Year to date, the price of Bitcoin has increased by approximately 300%, hovering around $10,000 today (though a significant pullback from last week when it nearly topped $14,000.) The asset hasn’t experienced growth of this multitude since the cryptocurrency frenzy of 2017.

During the previous price run, the network had issues keeping up with demand and increased activity.