bitcoin ethereum prices august 31st 2022
Crypto News

Bitcoin Price Fluctuates Amid Predictions And Transaction Fee Surge

Bitcoin experienced a volatile trading session today, with its price fluctuating between highs of $65,000 and lows of $62,000. Analysts are closely monitoring these fluctuations and making predictions about future price movements using advanced models.

According to predictions by The spotonchain’s analyst team utilizing Vertex AI from Google Cloud, Bitcoin’s price is expected to range from $56,000 to $70,000 during May, June, and July, with a 48% probability of it falling below $60,000. 

Furthermore, there is anticipation of significant movement in Bitcoin prices in the second half of 2024, with a 63% probability of reaching $100,000 during that period. Looking ahead to the first half of 2025, there is a 42% chance of Bitcoin prices surpassing $150,000, increasing to 70% for the entire year.

Bitcoin Trading Fees Surge And ETF Net Inflow Turns Negative 

However, Bitcoin transaction fees have surged notably this week, mainly due to the introduction of the Runes protocol. On April 20th alone, daily fees reached a new peak, exceeding $80 million. This increase in transaction fees highlights the growing activity and demand within the Bitcoin network.

In addition to price predictions and fee surges, Bitcoin ETF net inflow data for April 25, 2024, shows a negative trend, summing up to -$218 million. 

This negative net inflow has persisted for two consecutive trading days, with five out of ten Bitcoin ETFs experiencing outflows. Notably, Grayscale Bitcoin Trust (GBTC) further increased its single-day outflow, while BlackRock iShares Bitcoin Trust (IBIT) continued to experience zero flow.

Overall, these developments underscore the dynamic nature of the cryptocurrency market, with Bitcoin’s price movements, predictions, and transaction fees shaping investor sentiment and market dynamics in the coming months.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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