Bitcoin fees surged by over 200%, driven by greater BTC and Runes transactions, impacting miners and the network...
Analysis revealed that fees on the network spiked by over 200%. And, this surge was not driven solely by BTC transactions. Instead, a significant portion of the fee hike can be attributed to memecoin transactions, particularly involving Runes.fees saw a major spike this week, rising by an impressive 206%, bringing the total fees to $15.5 million. This fee hike coincided with Bitcoin’s price moving into the $68,000 range after remaining below this level for over two months.
These transactions made Runes the second-most traded asset on the network, following Bitcoin itself. On some days over the past week, Runes transactions constituted more than 10% of all transactions, while BTC transactions continued dominating the network.In addition to transaction volume, Runes notably impacted the fees generated. At the close of the most recent trading session, Runes transactions accounted for over 3% of the total Bitcoin fees.
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