Key Points
- Bitcoin fees have surged over 200% this week, reaching $15.5 million, with Runes transactions contributing significantly to the hike.
- Miner fees also spiked to over $4 million, marking the highest daily revenue since August.
Bitcoin experienced a significant development this week, as the cryptocurrency’s fees climbed over 200%. This surge was not solely due to Bitcoin (BTC) transactions, but also to memecoin transactions, particularly Runes.
Bitcoin’s Notable Fee Increase
Data from IntoTheBlock shows that Bitcoin fees spiked by 206% this week, totaling $15.5 million. This increase coincided with Bitcoin’s price reaching the $68,000 range after a two-month lull. While a rise in BTC transactions contributed to the fee hike, Bitcoin’s Runes also played a significant role in driving up the transaction fees.
Runes Transactions Influence on Bitcoin Fees
An analysis of Runes transactions on Dune Analytics shows that activity significantly increased over the past few days. As of October 18, Runes accounted for over 45,000 transactions on the network, making it the second-most traded asset on the network, after Bitcoin. Runes transactions contributed to over 9% of all transactions on the network in the most recent trading session. Runes transactions also impacted the fees generated, accounting for over 3% of the total Bitcoin fees.
The increase in Bitcoin fees also benefited miners. CryptoQuant data revealed that miner fees reached their highest daily level since August, with a spike to over $4 million on October 17. Miner fees currently make up around 5% of the total revenue.
Analysis by Glassnode also indicated that transactions from Bitcoin and Runes contributed to the surge in miner fees. The revenue from fees for miners increased by more than 11%, marking the first significant spike since August.
