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Home»Blockchain»Bitcoin and Ethereum fees rise together as activity on the chain increases
Blockchain

Bitcoin and Ethereum fees rise together as activity on the chain increases

2023-12-11No Comments2 Mins Read
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On-chain analytics startup IntoTheBlock reports a spike in on-chain activity this week, as Bitcoin and other cryptocurrencies soared to new annual highs.

As a result, the Bitcoin network saw a large increase in transaction fees, surpassing Ethereum’s total fees. In this comparison, Bitcoin fees increased by 60%, while Ethereum fees increased by almost 50%.

Activity on the chain surged this week, with Bitcoin fees rising more than 60% and Ethereum fees rising nearly 50%. pic.twitter.com/H2kFC6iQge

— IntoTheBlock (@intotheblock) December 8, 2023

A combination of factors appear to be driving the rise in Bitcoin network fees, including a Bitcoin price surge that saw the cryptocurrency hit a yearly high of $45,000 on December 5 before surging above $43,000, where it is currently trading, and a rise in Bitcoin inscriptions. , which increased the demand for network capacity.

Due to the popularity of inscriptions, the cost of sending a Bitcoin transaction has increased.

Bitcoin’s total cost for the week was $43.8 million, marking an increase of 61.4%. Total fees for Ethereum were $83.3 million, which represents a growth of 48.3%, according to IntoTheBlock data.

In today’s trading, Ethereum surpassed Bitcoin in daily gains, hitting a new yearly high of $2,390. ETH is up 4.58% over the past 24 hours to $2,360 at the time of writing. In this time frame, Bitcoin rose just 1.26% to $43,937.

Despite the recent bullish climb to new yearly highs, IntoTheBlock sees a worrying indication for Ethereum. It notes that Ethereum is not experiencing a large surge of new users as the number of new addresses and new adoption rates are not showing significant spikes.

See also  Bitcoin price bottom might be in, or not!

Despite this, Ethereum is the only major layer 1 network where the percentage of supply owned by whales has increased significantly. According to IntoTheBlock, whales now own 35% of the ETH supply, up from 22% in January.



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