Cryptocurrency Market Activity: Bitcoin Price Approaching Historic Levels from 2021

Currently, the price of Bitcoin is approaching historic levels from 2021, which is attracting the interest of investors and cryptocurrency market experts. One of the key factors influencing this situation is the approaching expected reduction in rewards for miners, which directly affects the supply and demand for this popular digital currency.

The Average Cost of Sending Bitcoin Still Remains High

Currently, the cost of sending Bitcoin averages $7.01, which is a significant amount compared to other financial transactions. Despite a decrease in the average transaction price compared to the previous year, the price still remains relatively high.

Ordinal Trading Still Popular, but Transaction Fees are Low

Ordinal Trading, which involves storing non-financial data on the Bitcoin blockchain, remains popular, although transaction fees are currently relatively low. In December of last year, the average transaction price reached $37, but currently stands at $7.01, indicating the volatility of the cryptocurrency market.

The Halving Event and its Implications for Transaction Fees

The upcoming halving event scheduled for April will result in halving miners’ rewards. This is a significant event that could impact the further development of the cryptocurrency market and increase transaction fees, similar to what happened in April 2021 when the average BTC transaction price even reached $62.77.

Summary: Current Situation in the Bitcoin Market

Currently, the price of Bitcoin is hovering around $60,452, with the potential to reach as high as $63,636. It is worth monitoring the developments in the cryptocurrency market, considering the price volatility, the impact of halving events, and investor activity on various trading platforms.