Bitcoin fees surge over 200% as Runes transactions drive network activity

• Bitcoin prices rose over 200% this week to achieve $15.5 million, with Runes contributing to the rise
• Miner charges rose to greater than $4 million, marking the very best every day income since August

Over the previous 48 hours, Bitcoin has climbed previous the $68,000 value vary. Nevertheless, this wasn’t the one notable growth surrounding the cryptocurrency this week.

Evaluation confirmed that charges on the community elevated by greater than 200%. And this enhance was not solely brought on by BTC transactions. As a substitute, a good portion of the speed enhance could be attributed to memecoin transactions, significantly relating to Runes.

Bitcoin sees a charge enhance

In accordance with knowledge from InTheBlokBitcoin prices noticed a significant spike this week, rising a powerful 206%, bringing the entire value to $15.5 million. This enhance in charges coincided with Bitcoin’s value rising to $68,000 after remaining under this degree for greater than two months.

Whereas a rise in BTC transactions contributed to the spike in charges, exercise round Bitcoin’s Runes performed a vital position in driving the upper transaction charges.

Rune transactions enhance Bitcoin prices

An Evaluation of Runes Transactions on Dune Analytics confirmed that exercise has elevated considerably in current days. As of October 18, Runes was liable for greater than 45,000 transactions on the community.

These transactions made Runes the second most traded asset on the community, after Bitcoin itself. On some days up to now week, Runes transactions made up greater than 10% of all transactions, whereas BTC transactions continued to dominate the community.

Throughout the latest buying and selling session, Runes contributed to greater than 9% of all trades on the community.

Supply: DuneAnalytics

Along with transaction quantity, Runes additionally had a significant affect on the charges generated. On the finish of the latest buying and selling session, Runes trades accounted for greater than 3% of complete Bitcoin prices.

Nevertheless, through the week, Runes transaction charges reached 7%, surpassing the earlier week’s 12%.

Miner compensation sees a spike after months

The rise in Bitcoin prices has additionally benefited miners. In reality, knowledge from CryptoQuant revealed that miner compensation reached its highest every day degree since August, peaking at over $4 million on October 17.

Though miner compensation has since fallen to about $1.7 million, it stays among the many highest up to now two months.

– Learn Bitcoin (BTC) value prediction 2024-25

An evaluation of miner revenues by Glassnode additionally indicated that Bitcoin and Runes transactions contributed to the rise in charges. Miners’ payment revenue rose by greater than 11%, marking the primary time since August that miners’ charges have seen such a major spike.

At present, miner charges make up about 5% of complete income.

Supply: Glassnode