The Bitcoin network is showing signs of strength as its use case is increasingly expanding due to the recent surge of BRC-20 tokens. Transaction fees have risen up to $10, which is a 10x rise from the dip seen on April 23rd. Similarly, daily Bitcoin transactions also reached an all-time high of approximately 680,000. The Hash rate of the network has surged to nearly 440 Exahashes per second, while the number of addresses with a non-zero BTC balance has also hit a new record high. These are all positive signs for the world’s biggest cryptocurrency.

In the near term, Bitcoin is expected to perform well due to the Federal Reserve’s rate-tightening cycle now being seemingly over and a cutting cycle potentially beginning later this year. Furthermore, rising concerns relating to financial stability have been creating demand for “hard-money” alternatives to traditional currencies such as gold, aiding the rise of Bitcoin as a digital safe-haven asset.

Technically too Bitcoin looks strong, as the cryptocurrency is probing for a possible breakout of the pennant structure it has been locked within from mid-April. If it manages to break and hold above $30,000 in the coming days, it may open the route for Bitcoin to return to its yearly highs of $31,000 and beyond.



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