- Bitcoin fees increased by over 200% this week, reaching $15.5 million, with Runes contributing to the rise.
- Miners’ fees reached more than $4 million, marking the highest daily income since August.
Over the past 48 hours, Bitcoin has surpassed the $68,000 price range. However, this is not the only notable development regarding cryptocurrency this week.
The analysis found that fees on the network increased by more than 200%. And this increase is not only due to BTC transactions. Instead, a significant portion of the fee hike can be attributed to memecoin transactions, particularly involving Runes.
Bitcoin sees its fees increase
According to data from IntoTheBlock, Bitcoin fees saw a significant spike this week, increasing by 206%, bringing total fees to $15.5 million. This fee hike coincided with Bitcoin price moving into the $68,000 range after remaining below that level for over two months.
While an increase in BTC transactions contributed to the rising fees, activity around Bitcoin’s runes played a crucial role in increasing transaction fees.
Rune Transactions Increase Bitcoin Fees
An analysis of Runes transactions on Dune Analytics revealed that activity has accelerated significantly over the past few days. As of October 18, Runes accounted for over 45,000 transactions on the network.
These transactions made Runes the second most traded asset on the network, after Bitcoin itself. On some days last week, Runes transactions accounted for more than 10% of all transactions, while BTC transactions continued to dominate the network.
During the last trading session, Runes contributed to over 9% of all transactions on the network.
Source: DuneAnalytics
In addition to the volume of transactions, the Runes have notably impacted the fees generated. As of the close of the most recent trading session, Runes transactions accounted for over 3% of total Bitcoin fees.
However, throughout the week, Runes transaction fees reached 7%, surpassing 12% the previous week.
Miner fees spike after months
Rising Bitcoin fees have also benefited miners. In fact, CryptoQuant data revealed that miner fees reached their highest daily level since August, peaking at over $4 million on October 17.
Although miners’ fees have since dropped to around $1.7 million, they remain among the highest in the past two months.
– Read Bitcoin (BTC) Price Prediction 2024-25
An analysis of miner revenue by Glassnode also indicated that Bitcoin and Runes transactions contributed to the rising fees. Miner revenue from fees increased by more than 11%, marking the first time since August that miner fees have seen such a significant increase.
Currently, miner fees represent approximately 5% of total revenue.
Source: Glassnode
