This bull run is different...

[Sanitough]

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.

[potatotom]

I think we have so many eyes and analysts on bitcoin, and they all know the same thing so it's not really a surprise that the market doesn't fit the previous patterns. If every *expects* the previous patterns show again, how can they. Please try to take advantage of them.

Also as for the mempool, I think it was just really spammed with BRC20 tokens, that's what made it expensive. And then I hope that the L2 solutions would ease a bit on the blockchain load so only bigger transactions should be on it and smaller should be on L2 solutions.

We had an influx of Rune mints a few days ago but those have subsided too. It's difficult to just use the "price" of the mempool without taking into account what kind of transactions are there.

[hd49728]

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

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.

4 years for 1 market cycle and it's long time enough for many changes. 4 years are enough for better adoption of Bitcoin Segwit that can help people saving transaction fees. There are other things changed during same period like Taproot activation and adoption, that caused some spikes in Bitcoin mempools and transaction fees with Bitcoin Ordinals and Runes.

Generally fees are good in satoshi/vbyte but in fiat value, fees become higher because Bitcoin price increases with time.
https://transactionfee.info/charts/transactions-spending-segwit/
https://transactionfee.info/charts/payments-spending-segwit/
https://bitinfocharts.com/comparison/bitcoin-transactionfees.html#alltime

And this bull run is actually different than previous bull runs.
We're experiencing the least volatile Bitcoin bull market ever.

[hugeblack]

What makes you think that, the fee hike was happening at the end of the cycle when the correction was near and the price had exploded to new levels.

It is true that the fees are low but some are still paying higher fees either because of BRC-20 (Ordinals) or because they are using bad wallets which means there is a possibility that the fees will rise significantly in 2025.

If we take what happened in 2017 as an example of bad fees, we will find that the price rises first and then the fees rise.

[Darker45]

The primary reason is that the spams/scams are barely breathing. They had their days. They had their hype. Now, they're merely a dead trend, or perhaps only dormant as they might resurrect once opportunities arise like another halving or when there's a unique block mined or Sat issued or whatever.

[Reatim]

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.

If anything, this kind of shows how much Bitcoin has developed since then.

The fact that we find it much more convenient to move bitcoins now than before despite being on the brink of a proper bull run says a lot and should be enough motivation for those who want to buy and invest in bitcoin. How much improvement can bitcoin make in the next 4 years again? Well I am excited to find out and I’ll make sure to hold and monitor bitcoins until then.

[Yatsan]

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.

It is remarkable, this bull run has taken on a different shape than the previous one. Especially when it comes to transaction costs, low wages are currently a huge advantage. This allows small businesses to operate without much cost pressure. This was not possible during the last bull market. At that time, networking caused fees to increase. This makes it nearly impossible to move Bitcoin unless you are dealing with large amounts of money.

One reason for the lower fees could be due to the testing technology used, such as SegWit and Lightning Network. These improvements actually reduce the burden on the Bitcoin blockchain, helping to make transactions faster and cheaper. It makes you wonder how things are going. How much easier will it get as adoption increases? And more and more people are starting to use these products.

The primary reason is that the spams/scams are barely breathing. They had their days. They had their hype. Now, they're merely a dead trend, or perhaps only dormant as they might resurrect once opportunities arise like another halving or when there's a unique block mined or Sat issued or whatever.

You're right, the hype about scams and spam seems to have died down. At least for now I think a lot of this is due to increased awareness and better safety measures across the industry. People are becoming more intelligent. and various platforms Work has been done to provide stronger protection for employees, however, as you point out. These problems can easily occur again. Especially during important events such as another fork or another important milestone in the development of Bitcoin. The interesting thing to ponder is whether the future of fraud will be the same. Or will it adapt to new features like DeFi targeting or NFTs, which have been hot topics lately? It feels like every bull run brings with it a new breed of opportunists who cling to what is favored. most popular

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.

If anything, this kind of shows how much Bitcoin has developed since then.

The fact that we find it much more convenient to move bitcoins now than before despite being on the brink of a proper bull run says a lot and should be enough motivation for those who want to buy and invest in bitcoin. How much improvement can bitcoin make in the next 4 years again? Well I am excited to find out and I’ll make sure to hold and monitor bitcoins until then.

I wholeheartedly agree. Amazing growth over the years. Especially in business performance. And, the fact is that the fees are relatively low even before a potential bull run. It also forms a good indicator of how successful the network has been. It's hard not to wonder if we would see improvements by then. What will happen in the next four years? Especially as the solutions like the Lightning Network continue to get better? It is interesting to think about what might drive future improvements. Maybe more expeditious operation of the business. Better inspection. Or maybe for increasing the level of secrecy? I definitely want to hold onto my Bitcoins and see how things unfold.

[Plaguedeath]

Or we can say $69K is nothing for majority, people think Bitcoin price will be higher than $69K, that's why they didn't move their coins now.

The launch of Bitcoin ETF make this time different, Bitcoin made new ATH before halving event, that's it, and we're experiencing less volatile than the previous super cycle. I expect it should be the same, the bull run started in Q4 after halving.

[FinneysTrueVision]

The primary reason is that the spams/scams are barely breathing. They had their days. They had their hype. Now, they're merely a dead trend, or perhaps only dormant as they might resurrect once opportunities arise like another halving or when there's a unique block mined or Sat issued or whatever.

Even though the amount of spam has decreased, I would have expected to see a rise in economic transactions. With the price of bitcoin being so high and expected to increase even more, it might be harder for people to justify spending their BTC. I have even considered using Bitcoin as collateral for a stablecoin loan for making big purchases because I know that I will be regretful if I spend BTC and then we see a massive pump.

[Smack That Ace]

Or we can say $69K is nothing for majority, people think Bitcoin price will be higher than $69K, that's why they didn't move their coins now.

The launch of Bitcoin ETF make this time different, Bitcoin made new ATH before halving event, that's it, and we're experiencing less volatile than the previous super cycle. I expect it should be the same, the bull run started in Q4 after halving.

Bitcoin is approaching $70k again but from my observation, the market is not as excited and hyped as when bitcoin hit $70k earlier this year. Yes, you are right, the current price is $70k but that is considered normal, this is not a sign of bull season or that we are already in.

Overall: the general market sentiment is still more skeptical than confident that the bull season has started so it is no surprise that many people have not moved bitcoin yet or that transaction fees are still surprisingly low.

There's no denying that there's been a bit of a shift in the cycle this year but I still have a feeling that history is going to repeat itself again and we're very close to that. Bull season hasn't actually arrived yet, but it's coming.

[Barikui1]

Or we can say $69K is nothing for majority, people think Bitcoin price will be higher than $69K, that's why they didn't move their coins now.

The launch of Bitcoin ETF make this time different, Bitcoin made new ATH before halving event, that's it, and we're experiencing less volatile than the previous super cycle. I expect it should be the same, the bull run started in Q4 after halving.

Bitcoin is approaching $70k again but from my observation, the market is not as excited and hyped as when bitcoin hit $70k earlier this year. Yes, you are right, the current price is $70k but that is considered normal, this is not a sign of bull season or that we are already in.

Overall: the general market sentiment is still more skeptical than confident that the bull season has started so it is no surprise that many people have not moved bitcoin yet or that transaction fees are still surprisingly low.

There's no denying that there's been a bit of a shift in the cycle this year but I still have a feeling that history is going to repeat itself again and we're very close to that. Bull season hasn't actually arrived yet, but it's coming.

Responding to the statement I made bold, by all indications it's very clear that we are already in the bull season, but it's actually not the type of bull run we are expecting,  though we might encounter another all time high before the close of this year but I think the logical thing to do now is  to keep our expectations low, because their is a higher probability that this might be the bull run we are waiting for.

Secondly, I really don't think it actually matters if it comes or not because in other to reap the full dividend of your Bitcoin holdings, it's best to hold in a very long period of time, because with the kind of potential Bitcoin has, I really do believe that it can 10x to 20x of it current price in 10 to 20 years time from now, so it's best to hold resiliently irrespective of wether the bull run comes or not, though I know that so many people will feel or think otherwise, but that's my own take though.

[Wexnident]

Isn't it price > fees that rise? And 69k probably isn't a price point for most people since we did reach it (and even higher) a few months ago. We might see it more after say, 72k at least. I at least expect something like it, probably a lot less than what usually happens since it isn't exactly a big jump from the few prices we've had these past few months.

Comparatively, I guess it can be different in a way that investors are expecting more now instead. Granted I'd probably wait till we reach 70k at least before judging since that's a point a lot of people are expecting to see changes happen from.

[Yaunfitda]

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.

It's probably that there are more miners right now and so hash rate is good as well and so with that, we are resistant to that kind of spam attack, although there is like in the last week or so that there is somewhat a increased in the transaction fees again, but eventually it died down and now we can say that this could be the normal fees even if we are at the start of the bull run.

Gone where the days that there are deliberate attack on the network itself, sure during that time it's really hard to make small transactions because of that. But we understand that those kind of attacks will not last. So no complained whatsoever, though, and hopefully even if we hit 6 digits, the transactions fees are still going to be cheap.

[Akbarkoe]

We are experiencing a calm increase and it does not happen exponentially so that it makes many other people fomo in making purchases or exchanges, so the current bitcoin price is still very calm even though it has reached $69k and does not happen like the previous cycle, and again the network in ordinals seems to be quite quiet which makes the bitcoin network safe and prosperous with transactions more people making purchases gradually.
But if it finds the target price of a big change it might be possible to compact the network again which will have an impact on network fees.

[passwordnow]

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.

Every bull run is different. The first thing that we can classify of the difference for this cycle is about the prehalving and then it has got an ATH already. Usually, we see ATHs posthalvings but we have seen that it became different this time. And one of the pain in the a$$ during those times were the fees and it's not really encouraging at all but still because of the high price, it's able to get our feelings right.

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 can remember those days that if you transact for a $5 coffee, you'll have to pay more than that. And we've seen it in the past few months that the fee have became more than $100 and that's a crazy attack on the market by those runes and brc20 network.

[Baofeng]

We are experiencing a calm increase and it does not happen exponentially so that it makes many other people fomo in making purchases or exchanges, so the current bitcoin price is still very calm even though it has reached $69k and does not happen like the previous cycle, and again the network in ordinals seems to be quite quiet which makes the bitcoin network safe and prosperous with transactions more people making purchases gradually.
But if it finds the target price of a big change it might be possible to compact the network again which will have an impact on network fees.

Market is slowing down, no we have another correction at $67k, so it means that $68k is too big for us to hurdle as this point. There could be FOMO though, and so this is a great opportunity for them to buy and see how if we can push it to $69k and then maintain at that level.

Nevertheless, this kind of cycle is very old in my opinion, after reaching a certain barrier, then what follows is a minor correction.

As for the network fees or the transaction fees, it's back to normal although there is period last week that it increased again and we are worry that it might continue. Good thing is that it didn't happened, but unfortunately, price is sliding in the last 4 hours or so.

[Akbarkoe]

We are experiencing a calm increase and it does not happen exponentially so that it makes many other people fomo in making purchases or exchanges, so the current bitcoin price is still very calm even though it has reached $69k and does not happen like the previous cycle, and again the network in ordinals seems to be quite quiet which makes the bitcoin network safe and prosperous with transactions more people making purchases gradually.
But if it finds the target price of a big change it might be possible to compact the network again which will have an impact on network fees.

Market is slowing down, no we have another correction at $67k, so it means that $68k is too big for us to hurdle as this point. There could be FOMO though, and so this is a great opportunity for them to buy and see how if we can push it to $69k and then maintain at that level.

Nevertheless, this kind of cycle is very old in my opinion, after reaching a certain barrier, then what follows is a minor correction.

As for the network fees or the transaction fees, it's back to normal although there is period last week that it increased again and we are worry that it might continue. Good thing is that it didn't happened, but unfortunately, price is sliding in the last 4 hours or so.

Yes the correction is a natural thing to happen, and that is to form a normal structure in market movements, price correction to the lower $ 65k is a natural thing, of course this is an opportunity to add to the bitcoin or people who want to buy because they do not have it. , how long the price polarization depends on how this trend will continue because sometimes the sideway is also needed for the accumulation stage.

But the increase is not so big for the cost and can still be tolerated, yes even though I want to get the best it does have to pay more expensive, but I hope Bitcoin does not have a very expensive fee when it reaches $ 100K.

[STT]

Were the fees high at all this year because we had a great big rush at the year start and have been confirming those prices ever since.   No great movement at the moment and its only slightly altered in the BTC price action, we've yet to break out.

Recent price action has been all highs so the slight pull-back we have now is just to the weekly average at 67k .   If we hold this I think we'll find more positive action and attempts to break the ceiling overhead.

If we trade below 67k and continue to do so for the rest of this week then we wont end October so much as positive as it could have been.   I think this whole year end will be a bit of a mix not a rush that might cause the high fees, its not nearly that fevered just yet.   Dead calm before the storm perhaps

[mirakal]

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 think each bull run is different but comes with a common goal, that is to reward us after long term hodling and trading while waiting for the perfect timing to sell. So whether it takes so long or too quick to witness bull run in the market, and the transaction fees might vary, but one thing is certain, if we have the patience and persistency to wait for its perfect timing, then we will all benefit once bull run has finally comes.

[letteredhub]

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 thought we had experience of network congestion twice this year which left a lot of persons complaining about the tx fees been very high and in some cases higher than the amount to be withdrawn. Lol.
Just maybe this time the price hadn't reached to that price mark when such congestions will return again, I suspect if bitcoin price has gone passed $70k we would have been noticing a few tx price rise too but for now let enjoy the low fees mate.