Research Weekly - What Network Activity Says About the Cycle As BTC Hits a New High

‍Comparing the duration of this drawdown to the prior bitcoin cycles, this recovery comes much earlier than the prior two. While market and trading activity is often the item of discussion, especially at new all-time high, we are particularly interested in what the blockchain data reveals about the current cycle. Transaction FeesHistorically, transaction fees exhibited some cyclicality, peaking at or around price cycle highs. Market UpdateBitcoin hit a new all-time high on Tuesday, breaking through the previous high of $69,000, before experiencing significant price volatility. ‍Bitcoin wasn’t the only asset to hit a new all-time high recently, however.