According to IntoTheBlock's latest report, there has been a significant increase in Bitcoin transaction fees, reaching $440 million last quarter. Transaction fees are the cost users add to incentivize miners to verify their transfers.
This fee metric generally reflects the activity level of the network. During periods of heavy traffic, users may have to pay higher fees to ensure their transactions are processed in a timely manner because the transaction capacity of the network is limited. In this case, miners prioritize transactions that have paid higher fees, causing overall fees to increase during peak periods.
When transaction activity decreases, users may tend to reduce the fees they add, which can result in the network's average fee decreasing.
According to data from IntoTheBlock, Bitcoin's total transaction fees rose to $440 million in the latest quarter, up 61% from the previous quarter. On the other hand, Ethereum users saw a 63% decrease in fees during the same period.
Although Ethereum is generally known for its high transaction fees, with the recent decline it managed to keep its total fees slightly above Bitcoin by reducing it to $441 million.
The fee increase in Bitcoin can be attributed to the Runes protocol introduced in April. This new protocol increases transaction volume by allowing the creation of fungible tokens on the Bitcoin network.
On the other hand, the decrease in fees on Ethereum can be explained by the transition to Layer 2 solutions that aim to increase transaction efficiency on the main Ethereum blockchain.
Despite the high transaction fees on Bitcoin and Ethereum, Litecoin still stands out as the most cost-effective network, as IntoTheBlock highlights.
Bitcoin Price Trends
Bitcoin's price has been struggling to recover from its recent decline and is currently pegged around $60,800.
Over the past few days, the price movement of the Coin has been exhibiting a sideways pattern.
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I EXPLAIN IN DETAIL.
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