Bitcoin has experienced a significant increase in price due to the recent surge in activity. As prices rise, there has also been an upward trend in the fees miners receive. According to a recent post by IntoTheBlock, Bitcoin fees have surpassed $60 million, reaching their highest level in six months.
Data shows that the increasing interest in Ordinals indicates a 60% increase in fee growth. A more detailed analysis of crypto fees reveals a significant increase throughout November, reaching new highs in the past ten days. Daily fees exceeded $11 million on November 17 and 18 but have decreased to $3.6 million according to the latest update.
Despite the decrease in fees, the hashrate has remained at one of its highest levels this year. An analysis by CryptoQuant on Bitcoin’s hashrate has shown a continuous upward trend in the past few weeks. This increase can be attributed to the increase in transaction volume and the need for more computing power to process these transactions. The graph indicates that the hashrate reached its highest level of the year, surpassing 546 million on November 19. However, it decreased to 331 million on November 23. As of the time of writing, the hashrate has risen above 540 billion, reaching the second-highest level in over six months.
Another notable observation is the increase in Bitcoin miners’ fee revenues in the past few weeks. While it has not reached the peak observed around May 8, this trend stands out with its consistency. An analysis of the graph reveals that miners’ fee revenues have exceeded 20% three times this month. As of the time of writing, fee revenues have dropped to approximately 8.5%. Despite this decrease, they continue to remain higher than the previous three months, indicating significant contributions of fees to miners’ income in recent months.
According to the current assessment, Bitcoin has remained stable within the price range of $37,000 in the daily time frame. The graph shows a marginal increase of over 1% in the previous session and continues to exhibit a strong trend as the weekend approaches.