Bitcoin fees have surged by over 200% this week, reaching $15.5 million, with memecoin transactions involving Runes contributing to the hike. Miner fees spiked to over $4 million on 17 October, marking the highest daily revenue since August. This fee increase can be attributed to an increase in Bitcoin’s price moving into the $68,000 range and increased activity surrounding Bitcoin’s Runes. Data from IntoTheBlock revealed that Bitcoin fees saw a major spike this week, rising by an impressive 206%, bringing the total fees to $15.5 million. According to data from Dune Analytics, Runes transactions have picked up significantly over the past few days, making them the second-most traded asset on the network after Bitcoin itself. In addition to transaction volume, Runes notably impacted the fees generated; at close of trading session 3% of total Bitcoin fees were contributed by Runes transactions but throughout the week these reached as high as 7%. This fee hike has also benefited miners; data from CryptoQuant revealed that miner fees hit their highest daily level since August with a spike to over $4 million on 17 October although they have since dropped back down slightly but remain amongst some of highest figures seen recently for miner revenues indicating positive prospects ahead for those involved within cryptocurrency mining operations worldwide across multiple platforms including Ethereum Classic which remains one of many options available alongside other popular alternatives such as Dogecoin Litecoin Dash etc..
Related Posts
**TRON Soars to Join Top 10 Cryptocurrencies** Tron (TRX), a blockchain-based decentralised entertainment platform, continues its remarkable growth streak as it joins the elite group of top ten cryptocurrencies by…
Title: “Hyperbitcoinization” Advocate Samson Mow Addresses German Bundestag in Bid for Nationwide Crypto Adoption Summary: Samson Mow, founder of Bitcoin-focused firm JAN3, urged Germany to adopt Bitcoin during a recent…
**Cross-Chain Swaps Simplified** Leading web3 wallet, Talisman, recently launched its innovative cross-chain swaps feature, further establishing itself as an important player in increasing adoption of Polkadot. This feature allows users…
Bitcoin Holds Steady Above $68,000 After Volatile Weekend; Altcoins Mixed – [Summary] Bitcoin has experienced relative calm during the weekend compared to previous volatility. Its value remained steady above $68,000,…
Title: Renowned Analyst Predicts Massive Surge in XRP Price, Highlighting Key Resistance & Support Levels Summary: Leading crypto analyst ‘Egrag Crypto’ reveals three vital price objectives for XRP during this…
Bollywood Star Under Investigation for Alleged Cryptocurrency Scam Promotion Summary: Indian authorities are investigating Bollywood actress Tamannaah Bhatia for her alleged role in promoting an illicit cryptocurrency scheme called “HPZ…
Title: Ethereum Reaches Crucial Decisional Point – Potential Breakout Could Lead to Significant Surge Summary: Ethereum has reached a decisive point as it nears the head and shoulders neckline and…
DeFi Seeks New Horizons Amid Regulatory and CBDC Developments Decentralized finance (DeFi) has emerged as a dynamic force within the blockchain technology and cryptocurrency sectors in recent years. With the…
Pro-Ripple Lawyer Defends XRP in Debate with Massachusetts Senator Elizabeth Warren Pro-Ripple lawyer John Deaton recently defended XRP during a heated debate with Massachusetts Senator Elizabeth Warren. During the discussion,…
Solana Surges 6% as Whale Activity and Social Dominance Rise: A Positive Sign for the Altcoin’s Future? In recent trading sessions, Solana (SOL) has experienced a significant upward movement, gaining…