Users of the bitcoin blockchain payments network have seen transaction fees skyrocket since October. Meanwhile, the oldest cryptocurrency’s main rival, ethereum, is also experiencing sky-high fees.
According to blockchain data service CryptoRank earlier this week, eth gas fees across the network averaged $20 to bridge assets, $60 to perform a token swap, and $110 to sell an nft.
btc transaction fees soar in November
bitcoin fees are on the rise this month, along with the price of bitcoin. From a low of $1,125 per btc transaction on October 27, miner fees reached $18.69 in mid-November thanks to bitcoin ETF mania.
These are high transaction fees not seen since the bitcoin Ordinals nft craze in May. This shows a healthy and growing demand for using the network to block bitcoin transactions on-chain.
That’s a good sign for the network and a revenue boost for bitcoin miners who sold more bitcoin than they produced during October’s bitcoin ETF rally.
After a long rally in cryptocurrency prices following the FTX crash in 2022, the price surge brought relief to miners’ bottom lines as they keep up with the high energy cost of securing the btc blockchain.
According to CryptoFees data, total daily bitcoin transaction fees averaged $7.4 million for the seven days ending November 19.
Is the bitcoin ETF rally on pause?
Transaction fees fell to $10.36 over the weekend as the price of bitcoin cooled. It could be that the bitcoin ETF rally is losing steam as investors wait for news from the SEC.
The markets seem crypto/markets/bitcoin-price-momentum-dips-as-blackrock-etf-approval-window-closes” data-wpel-link=”external” target=”_blank”>disappointed by The SEC passed an eight-day window to approve one or more bitcoin ETF applications out of 12 before having to extend deadlines for future filings.
bitcoin ETF bears like JP Morgan say the current rally is “overblown” and expect there will be little gain left for bitcoin‘s market cap after the SEC finally approves an ETF. But bulls like Ark Invest see a rise of up to $650,000 for the price of bitcoin, with supply halving just around the corner.
Binance Free $100 (Exclusive): Use this link to sign up and receive $100 free and 10% off fees on Binance Futures for the first month (terms).
<!– ai CONTENT END 1 –>