Opinion: The maturity stage of the Bitcoin network is reflected in the stability of fees after halving

Since the beginning of 2024, Bitcoin transaction fees have been showing a fluctuating pattern, with significant surges around major events. The most prominent surge occurred in April, related to the Bitcoin halving event. During this period, transaction fees briefly soared to over 1,200 BTC, highlighting an increase in network demand during this critical time. After the halving, fees tended towards stability but remained relatively low even as the price of Bitcoin approached $60,000. This contrasts sharply with previous years when fee spikes usually reflected rapid price increases or network congestion. For example, during bull markets in 2017 and 2021 transaction fees surged along with Bitcoin prices reflecting intense activity and congestion on the network. The current trend is that despite large price fluctuations, fees remain low indicating a mature network where transactions may be processed more efficiently. As we progress through 2024 observing whether this decoupling of fees from bitcoin prices continues can provide deeper insights into changing market trends and user behavior within the ecosystem.