- Bitcoin has broken an 18-month high by trading at over $37,500 on Nov 9.
- ETH has also been surging in prices, but so is its gas fees. Over the past 24 hours, it breached the $200 mark for given high-priority transactions, igniting debate on scalability issues.
Bitcoin and Ethereum are surging in price as the BTC halving countdown closes in. However, concerns are now rising over scalability issues as gas fees surge. Bitcoin network recently began being used for inscriptions and hosting other tokens; as a result, its scalability is now in question whether it will be able to handle the demands as a bull market may be close.
Are bull market issues beginning once more?
Crypto market cycles have been seen to follow four years of Bitcoin halving. This time, it’s not any different. The crypto market is recovering fast from the heavy bear market that began towards the end of 2021 as Bitcoin’s halving countdown continues clocking. It’s now only 190 days left till the halving is done, and Bitcoin has already registered a new 18-month high.
However, concerns are rising over its scalability issues. Bitcoin network has been upgraded to support ordinal inscriptions, and new token standards have been introduced, allowing it to have ecosystems built around it. As a result, the network will be required to settle even more transactions than ever before.
In past bull cycles, the Bitcoin network has been subject to high gas fees, though not as high as Ethereum. Ethereum has undergone new improvements in its scalability issues via the transition to the POS mechanism. However, this transition was confirmed not to have very significant changes to the network’s gas fee challenges just yet.
Over the last 24 hours, crypto users started circulating screenshots of $220 gas fees required to settle a high-priority transaction on the Ethereum network, while others showed one with a $100 mark. On the Bitcoin matter, at the same time frame, the average Bitcoin gas fees hovered around $10 while it had been around the $1 mark for the past three months.
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