Bitcoin Network Fees Rise by 60%
Increased user activity on the Bitcoin network has resulted in a surge in transaction fees. According to data from the IntoTheBlock platform, transaction fees have spiked by 60% in just one week.
Similarly, Ethereum transaction fees have also seen a 50% increase during the same period of time. This surge in network activity has coincided with a rise in the value of both Bitcoin and Ethereum.
On the night of Monday, December 11, the two largest digital currencies reached $43,780 and $2,350, respectively. In the past week, the total amount of transaction fees for BTC and ETH amounted to $43.8 million and $83.8 million, respectively, according to analysts’ reports.
The overall amount of network fees for Ethereum was significantly higher than that of Bitcoin due to the use of ETH in projects related to the NFT and DeFi markets.
BTC made several attempts to stabilize above $44,000, but ultimately fell below this key psychological level due to profit-taking activities.
November saw a significant amount of selling pressure, particularly from large investors known as “whales” and “sharks,” as noted in a report by Santiment. This selling pressure slowed down the upward momentum of BTC.
