Bitcoin Average Transaction Fees Jump 188% to Above $10 Following Price Rally
Bitcoin's price is experiencing a bullish month with over 25% gains and came very close to hitting 2019 high yesterday.
Currently, BTC is trading around $13,220, having dropped over 4% since rallying yesterday, on the back of the increased trading volume, which has climbed above $3 billion.
This latest bout of volatility is not only proving good for investors, traders, and speculators but also miners as the percentage of Bitcoin miner revenue from fees increased to 22.25% yesterday — the highest value since January 2018.
This is because the average Bitcoin transaction fee has spiked 188% to above $10, as per Bitinfocharts.
The total fees have also jumped to 2.67 million from $403k on Oct. 17.
The last time we were at this level was in February 2018, while the all-time high was $55 at the top of the bull market in mid-December 2017.
However, with the latest surge, Bitcoin’s average transaction fee is eclipsing ETH’s at $1.69. Ethereum’s average transaction fees were higher than BTC’s for most of September after it exploded over the summer due to the rapid rise of DeFi.
But the momentum has shifted back to BTC.