Journalist
Posted:
- Bitcoin transaction fees rose to the highest in months, at more than $9 million.
- BTC breaks past the $37,000 price zone.
A recent report points to a notable increase in Bitcoin transaction fees. While the increase is attributed to the ETF, several other factors have also contributed to this upward trend.
Bitcoin transaction fees are rising
According to a CryptoRank post, Bitcoin has experienced a rise in transaction fees. The upward trend, which has been visible since November, has become clearer in recent days.
According to Crypto fees According to data, transaction fees reached over $9 million on November 9, the highest level in four months.
Fees fell to over $6 million at the time of writing, indicating a visible decline. Despite this decrease, reimbursements remain higher than those of previous months.
Possible Reasons for the Spike in Bitcoin Costs
The recent rise in Bitcoin transaction fees can be partially attributed to the recent listing of Ordinals (ORDI), a BRC-20 token.
Binance announced ORDI’s listing pegged to USDT on November 7. Consequently, this led to increased activity in Ordinals transactions, as indicated by a Dune Analytics graphic.
The map revealed an increase in the number of ordinal numbers from November, prior to the listing, with the current number exceeding 300,000.
Additionally, the Dune Analytics chart illustrated a notable increase in Ordinals’ transaction fees in recent days.
On November 9, fees peaked at more than $3 million. This spike in Ordinals transaction fees has contributed significantly to the overall transaction fees observed on the Bitcoin network.
Additionally, analysis of Bitcoin volume on Santiment further supports the uptrend, showing an increase in volume in recent days. On November 9, volume rose to over $38 billion, the highest level of the month to date.
At the time of writing, the volume is approximately $22 billion. What these two metrics showed was that the increased interest in Ordinals and the recent price trend have contributed to the increase in fees.
Source: Santiment
BTC marches towards $40,000?
As of the closing bell on November 10, Bitcoin has reached the $37,000 price range, according to the daily time chart.
The chart showed a rise of 1.71% and closed trading at over $37,000. At the time of this update, Bitcoin was experiencing a slight decline of less than 1%. Despite the decline, the price continued to rise above the $37,000 mark.
Source: TradingView
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With the current price movement, the immediate support line had shifted towards the $34,000 and $33,000 price ranges.
Furthermore, Bitcoin maintained a position above its short-term moving average (yellow line). Also, this line acted as support near the $30,000 price region.