TL;DR

• Recently, there's been a sudden spike in activity on the BTC network, leading to network congestion, and more transactions waiting to get verified.

• The Z-score is typically positive during a bull market and negative during a bear market.

• Let's remember that this is just one indicator of whether we have/have not entered into a bull market.

Full Story

The source article we based this off is a brain bender: "The two-year 'Z-score' for miner revenue from fees has turned positive."

Confused? Same. Let's dive in and make sense of it all.

Transaction fees (aka gas fees) in crypto are kind of like postage fees.

You can pay for regular post; or you can pay for express shipping to get your package delivered extra quickly.

Transaction fees are relative to the transaction size and volume of congestion on the network.

Recently, there's been a sudden spike in activity on the BTC network, leading to network congestion, and more transactions waiting to get verified.

Bigger transactions/more congestion = higher transaction fees.

(And more people willing to pay for 'express shipping').

Again, from the article: "The Z-score measures the number of standard deviations from the two-year mean fee revenue."

What that means, doesn't really matter.

What you should know is: the Z-score is typically positive during a bull market and negative during a bear market.

More of a visual person?

You may need to pull out the spectacles, but, see that tiny little red line at the far right of the graph?

That's a good thing.

The Z-score's back in the positive baaaby!

BUT, let's remember that this is just one indicator of whether we have/have not entered into a bull market.

There are plenty of other indicators to look at, and hey, if you read our first article today you may not be thinking:

"Here comes the bull market!"

...but the more indicators that suggest this, the better for BTC and crypto as a whole!