Bitcoin Rate Dropps Again, While the Mempool Approached Historical Highs
Yesterday, May 21, another sharp movement occurred on the cryptocurrency market, this time downwards. The rate of the first cryptocurrency fell to $8800, following by a slight rebound, as of this writing, the BTC rate reached $9050.
BTC/USD TradingView chart
Besides, the size of the mempool in the Bitcoin network significantly increased, that is, the total number of unconfirmed transactions grew. For a short period of time, it approached the historical maximum, recorded in early January 2018.
Against this background, the size of the fee has grown to $6.6.
The current processes in the BTC network are connected with a recent halving.
Recall, on May 11, 2020, the third halving occurred in the Bitcoin network - rewards decreased from 12.5 to 6.25 BTC. This led to a recalculation of complexity, a decrease in the hashrate, and an increase in the cost of the mined coin.