Cryptocurrency

Bitcoin and Ethereum fees increase as on-chain activity surges, reflecting a rise in demand.

Bitcoin and Ethereum Fees Surge Amid On-Chain Activity Spike

A Spike in On-Chain Activity Triggers Surge in Bitcoin and Ethereum Fees

A recent report from an on-chain analytics start-up revealed a significant spike in on-chain activity this week, coinciding with a rally in Bitcoin and other cryptocurrencies to new yearly highs.

Bitcoin Network Sees a Remarkable Increase in Transaction Fees

The surge in on-chain activity led to a substantial increase in transaction fees on the Bitcoin network, surpassing Ethereum’s total fees. Bitcoin fees surged by 60%, while Ethereum fees saw a nearly 50% increase.

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Factors Driving the Increase in Network Fees for Bitcoin

Several factors contributed to the rise in network fees for Bitcoin, including a climb in Bitcoin’s price, reaching yearly highs of $45,000 before settling above $43,000. Additionally, an uptick in Bitcoin transactions and inscriptions fueled demand for network capacity, driving up transaction costs.

Impact of Inscriptions on Bitcoin Transaction Costs

The rising popularity of inscriptions has led to an increase in the cost of sending a Bitcoin transaction, resulting in a surge in total fees to $43.8 million for the week, representing a 61.4% increase.

Ethereum’s Performance Amid Rising Fees

Despite Ethereum’s surge in daily gains and reaching new yearly highs of $2,390, the on-chain analytics start-up identified a lack of significant new user adoption, raising concerns despite the increase in the percentage of supply held by whales.

Market Performance and Analysis

In today’s trading, Ethereum outperformed Bitcoin in daily gains, with Ethereum’s price rising by 4.58% in the last 24 hours. However, Bitcoin only saw a 1.26% increase, highlighting the diverging performance between the two cryptocurrencies.

Concerns for Ethereum’s Future

Despite Ethereum’s recent bullish climb, the lack of a major surge in new users raises concerns about its long-term growth. While whales now hold 35% of the ETH supply, up from 22% in January, the slow adoption rate remains a concern for the Ethereum network.

This article was originally published on U.Today

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