Key Points
- Bitcoin fees have surged by over 200% this week, reaching $15.5 million, with a significant contribution from Runes transactions.
- Miner fees also spiked to over $4 million, marking the highest daily revenue since August.
Bitcoin has experienced a surge in fees over the past week, with a remarkable increase of over 200%.
This surge has seen total fees reach $15.5 million.
Interestingly, this hike in fees was not solely attributed to Bitcoin (BTC) transactions, but also significantly influenced by memecoin transactions, particularly those involving Runes.
Details of the Fee Hike
Data from IntoTheBlock showed a major spike in Bitcoin fees, an increase of 206% coinciding with Bitcoin’s price moving into the $68,000 range.
While an increase in BTC transactions played a part in this fee spike, the activity surrounding Bitcoin’s Runes played a significant role in driving the higher transaction fees.
Impact of Runes Transactions
An analysis of Runes transactions on Dune Analytics revealed a significant increase in activity over the past few days.
As of 18 October, Runes accounted for over 45,000 transactions on the network, making it the second-most traded asset on the network, following Bitcoin.
On some days, Runes transactions made up more than 10% of all transactions, while BTC transactions continued to dominate the network.
Miner fees also saw a significant increase.
Data from CryptoQuant revealed that miner fees reached their highest daily level since August, spiking to over $4 million on 17 October.
Miner fees have since dropped to around $1.7 million but still remain among the highest in the last two months.
An analysis by Glassnode indicated that transactions from Bitcoin and Runes contributed to the fee surge.
Miner revenue from fees increased by more than 11%, marking the first time since August that miner fees saw such a significant spike.
Currently, miner fees make up around 5% of the total revenue.