$BTC is seeing utility crisis as the network's usability in May goes downward
Adding another layer to the current Bitcoin narrative is the shift in mining economics. In a historic event, the average transaction fee per block has surpassed the block reward, a phenomenon that has only occurred four times before.
These episodes of high transaction fee pressure have traditionally been brief and have eased within a few days. This scenario suggests that the current pressure may also be a temporary occurrence, although the impact on the market in the short term could be substantial.During the height of the recent BRC-20 frenzy, the average mined block was carrying 6.66 BTC in transaction fees. This resulted in a total block reward of approximately 12.
As these shifts occur in Bitcoin's network activity and transaction economics, the implications for investors, miners and the wider crypto ecosystem are yet to be fully understood. However, one thing is clear: despite changes in daily transactions, Bitcoin's price resilience showcases its robustness even during market corrections.
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