- Bitcoin fees surged by over 200% this week, reaching $15.5 million, with Runes contributing to the hike
- Miner fees spiked to over $4 million, marking the highest daily revenue since August
As an analyst with over two decades of experience in the financial markets, I have witnessed numerous trends and shifts that have shaped the landscape of digital assets. The recent surge in Bitcoin fees, reaching unprecedented heights this week, has caught my attention for several reasons.
In the past two days, Bitcoin surpassed $68,000 in value. But that’s not all – there were also other significant happenings related to this digital currency this week.
Analysis revealed that fees on the network spiked by over 200%. And, this surge was not driven solely by BTC transactions. Instead, a significant portion of the fee hike can be attributed to memecoin transactions, particularly involving Runes.
Bitcoin sees a fee hike
Based on information from IntoTheBlock, Bitcoin transaction fees experienced a significant surge this week, climbing by approximately 206%. As a result, the total fees amounted to around $15.5 million. This increase in fees occurred alongside Bitcoin’s price reaching and surpassing the $68,000 mark, a level it had not exceeded for over two months previously.
During the hike in BTC transactions, it was these transactions that led to the surge in fees. However, the actions surrounding Bitcoin’s Runes significantly influenced the increase in these high transaction fees.
Runes transactions boost Bitcoin fees
Over the last several days, there’s been a noticeable increase in Rune transactions as observed through Dune Analytics. By October 18th, these transactions amounted to more than 45,000 on the network.
Over the network, Rune transactions have become the second most popular after Bitcoin, with some recent days seeing Rune transactions account for over 10% of all daily transactions. However, it’s important to note that Bitcoin transactions still maintain their leading role on the network.
In the most recent trading session, Runes contributed to over 9% of all transactions on the network.
As a researcher delving into Bitcoin transactions, I’ve observed an interesting phenomenon regarding Runes. Specifically, Runes have significantly influenced the fees generated within the system. To put it in perspective, during the latest trading session, Runes transactions contributed to approximately 3% of the total Bitcoin transaction fees.
On the other hand, the transaction fees for Runes climbed up to 7% over the course of the week, even eclipsing the 12% recorded in the prior week.
Miner fees see a spike after months
An increase in Bitcoin transaction fees has actually been advantageous for miners. Interestingly, figures from CryptoQuant show that these fees reached their peak daily rate since August, surging to more than $4 million on October 17th.
Even though miner fees have decreased to approximately $1.7 million recently, they still rank among the highest fees experienced over the past two months.
– Read Bitcoin (BTC) Price Prediction 2024-25
According to an examination by Glassnode, it was found that transactions involving Bitcoin and Runes played a role in the recent increase of transaction fees. The income generated from these fees for miners surged more than 11%, which is the first instance since August where miner fee revenue experienced such a substantial jump.
As of now, miner fees make up around 5% of the total revenue.
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2024-10-20 08:07