Over the past 48 hours, Bitcoin has broken above the $68,000 price range. However, this is not the only notable development surrounding the cryptocurrency this week.

Analysis shows that network fees have increased by more than 200%. And, this spike is not only influenced by BTC transactions.

Instead, a significant portion of this fee increase can be attributed to memecoin transactions, particularly with Runes.

Bitcoin Fees Escalating

According to data from IntoTheBlock, Bitcoin transaction fees saw a huge spike this week, increasing by 206%, bringing the total fees to $15.5 million.

The increase in fees coincided with a surge in Bitcoin prices as it crossed the $68,000 mark after being below it for more than two months.

While the increase in BTC transactions has contributed to this increase in fees, the activity surrounding Runes on the Bitcoin network has played a major role in this increase in transaction fees.

Runes Transaction Fees Fuel Bitcoin

An analysis of Runes transactions on Dune Analytics shows that this activity has picked up significantly over the past few days. As of October 18, Runes transactions accounted for over 45,000 transactions on the network.

See also: Ethereum Up 15% in a Week — $3K Recovery In the Air?

These transactions make Runes the second most traded asset on the network, behind only Bitcoin.

For a few days last week, Runes transactions accounted for more than 10% of all transactions, while BTC transactions remained dominant on the network.

In the most recent trading session, Runes contributed more than 9% of all transactions on the network.

Source: DuneAnalytics

In addition to transaction volume, Runes also have a significant impact on fees generated. At the end of the most recent trading session, Runes transactions accounted for over 3% of all Bitcoin fees.

However, throughout the week, transaction fees from Runes reached 7%, and exceeded 12% last week.

Miner fees spike after months

The surge in Bitcoin fees has been a boon for miners. Indeed, data from CryptoQuant reveals that miner fees hit their highest daily level since August, rising by more than $4 million on October 17.

Although miner fees have since dropped to around $1.7 million, they remain among the highest in the past two months.

See more: US jobs report down, BTC still up according to Grayscale

An analysis of miner revenue by Glassnode also shows that transactions from Bitcoin and Runes contributed to this spike in fees.

Miner fee revenue increased by more than 11%, marking the first time since August that miner fees saw such a significant increase.

As of now, miner fees account for about 5% of total revenue.

Source: Glassnode

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