Bull Bitcoin Launched Fee Multiple for Fee-efficient Transactions
Bull Bitcoin Fee Multiple is a simple technical indicator which can help people assess whether current bitcoin network fees are low or high.
- "We created an indicator which shows clearly if the current Bitcoin Network fees are high or low relative to the average of the past year and the past month. It's similar to the Mayer Multiple, but for fees instead of price. This tool is also available via API, for apps that want to automate tasks or send notifications based on the network fee levels," announced Bull Bitcoin.
Bull Bitcoin Fee Multiple offers two indicators:
- 365 days for a longer time horizon
- 30 days for high-time preference users
- "Fundamentally, our indicator divides the current feerate by its moving average, and then expresses how far this ratio is from its historical mean, therefore highlighting periods of relatively low/high fees," said the project.
"Once we have a metric that can determine whether current fees are high or low relative to the past, it becomes easier to automate fee-efficient transactions."
The Bull Bitcoin fee multiple is available via API here.
- "We use the mempool.space fee estimates for the “high priority” setting, which means essentially that the fees would likely lead to a transaction being included in 1-2 blocks. Historical data was taken from archives collected by txstats.com and current data (March 2024 onward) is taken directly from the mempool API. "
