- 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 years of experience in the cryptocurrency market, I have witnessed numerous fluctuations and trends. However, this recent surge in Bitcoin fees, fueled partly by Runes transactions, is certainly one for the books.
During the past two days, Bitcoin surpassed the $68,000 mark in its price. But there were other significant happenings related to this digital currency this week as well.
It was found that the fees on the network increased more than double (over 200%). This dramatic increase wasn’t just due to Bitcoin transactions; instead, a large part of this fee surge can be traced back to memecoin transactions, especially those involving Runes.
Bitcoin sees a fee hike
Based on information from IntoTheBlock, Bitcoin transaction fees experienced a substantial surge this week, escalating by approximately 206%. This increase brought the total fees to an impressive $15.5 million. Remarkably, this fee jump occurred as Bitcoin’s price reached and surpassed the $68,000 mark for the first time in over two months.
During the hike in Bitcoin transactions, it was the significant activity related to Bitcoin’s Runes that substantially increased the transaction fees.
Runes transactions boost Bitcoin fees
Over the last several days, a thorough examination of Runes transactions on Dune Analytics has shown a marked increase in activity. By October 18th, Runes were responsible for more than 45,000 transactions within the network.
As an analyst, I can share that Rune transactions have surged to become the second-most active asset on our network in recent times, trailing only Bitcoin. In fact, during certain periods within the last week, Rune transactions accounted for over 10% of all activity, while Bitcoin’s transactions maintained their leading position.
In the most recent trading session, Runes contributed to over 9% of all transactions on the network.
Beyond just the transaction volume, it’s worth noting that Rune transactions significantly influenced the fees accrued. In the latest trading session, Rune transactions represented more than 3% of the overall Bitcoin transaction fees.
On the other hand, transaction fees for Runes climbed up to 7% this week, even exceeding 12% from the last week.
Miner fees see a spike after months
The surge in Bitcoin transaction fees has positively impacted miners as well. Notably, statistics from CryptoQuant show that miner fees reached their peak daily value since August, peaking at more than $4 million on October 17.
Despite a drop to approximately $1.7 million, miner fees continue to rank as some of the highest over the last two months.
– Read Bitcoin (BTC) Price Prediction 2024-25
According to an analysis by Glassnode, both Bitcoin and Runes transactions played a role in the recent increase in transaction fees for miners. Notably, miner fee income rose by over 11%, which represents the largest surge in miner fees since August.
As of now, miner fees make up around 5% of the total revenue.
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2024-10-20 14:20