Journalist
Posted:
- Bitcoin has collected $93 million in fees in the last seven days, 38% more than Ethereum.
- Bitcoin’s price was 5.59% higher than the average price at which all coins were purchased.
Bitcoin [BTC] became the number one network in terms of transaction fees collected over the past week, giving proponents of the “transaction settlement layer” narrative something to cheer about.
Bitcoin miners are raking in the money
According to AMBCrypto’s analysis of Token Terminal data, the first-generation blockchain has collected $93 million in fees over the past seven days, significantly higher than Ethereum’s. [ETH] recorded in the same period.
Source: Token terminal
The spike in fee revenue increased miners’ overall revenue, which consists of transaction fees and fixed block rewards.
Average daily revenue from miners rose from $25 million in October to more than $40 million in December, AMBCrypto found using Glassnode data.
Source: Glassnode
Bitcoin’s prominence as a transaction settlement network was also reflected in the increase in the average fees paid for each transaction.
According to Glassnode, average fees have increased exponentially over the past month. Users had to spend an average of as much as $37 to have their transactions validated on December 17.
This for a blockchain for which the average cost in 2022 barely exceeded $2.
Source: Glassnode
The Ordinals craze boosts Bitcoin’s prospects
The spike in fees was a result of the growing demand for ordinal inscriptions. The total number of inscriptions on the chain surpassed the 50 million mark at the time of writing. AMBCrypto’s examination of a Dune dashboard revealed.
Ordinals took the blockchain world by storm in 2023. After Bitcoin emerged as a pioneer in early 2023, other EVM and non-EVM chains imitated the technology and launched their own inscriptions.
The dominant use case is creating on-chain NFTs, which has significantly boosted Bitcoin’s NFT activity.
From CryptoSlamBitcoin has been the dominant chain for NFT transactions over the past month, with cumulative sales exceeding $797 million.
Read Bitcoin’s [BTC] Price forecast 2023-24
Bitcoin fell back to the $42,000 region at the time of writing, as a few profit-hungry traders exited the market. According to CoinMarketCap, the coin is lost 1.34% of its value in the last 24 hours.
Shivam Thakral, CEO of Indian cryptocurrency exchange BuyUcoin, stated in a quote shared with AMBCrypto:
“Overall market sentiment is on the positive side due to positive macroeconomic factors.”