An analysis of Bitcoin's current fee market compared to the 2017 bull run

Year to date, the price of Bitcoin has increased by approximately 300%, hovering around $10,000 today (though a significant pullback from last week when it nearly topped $14,000.) The asset hasn’t experienced growth of this multitude since the cryptocurrency frenzy of 2017.

During the previous price run, the network had issues keeping up with demand and increased activity. As more people made transactions, the network became crowded, and fees or the cost to make transactions rose precipitously.