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According to the on-chain analysis provider IntoTheBlock, transaction fees on the Bitcoin network, expressed in BTC paid to miners to include a transaction in the next block of the Bitcoin Blockchain, reached a new peak in 2023. Data shows that transaction fees have increased by 35 times over the last year.
Transaction Fees on the Bitcoin Network Increase by 35 Times
According to data provided by IntoTheBlock, since December 2022, the daily average transaction fees have increased by 35 times, and Bitcoin miners have become more profitable as transaction fees rise. The significant increase in transaction fees is due to a protocol called Ordinals, which allows users to store NFTs directly on the Bitcoin Blockchain.
The mechanism for creating NFTs known as inscriptions, Bitcoin Ordinals, was launched in January of this year and has attracted attention for bringing NFT and smart contract mechanics to the Bitcoin network. According to the latest data published by Dune Analytics on December 26, there are currently a total of 51.72 million inscriptions belonging to users on the Bitcoin network.
On the other hand, Bitcoin not only reached new peaks in network transaction fees. Another on-chain data platform, Santiment, believes that 2023 will be remembered as one of the best-performing years of the last century when various major sectors are taken into account. Santiment also added that Bitcoin and Ethereum are very close to surpassing the highest levels of the last one and a half years, which they reached just three weeks ago.
Investors Await Approval of Spot Bitcoin ETF
The largest cryptocurrency, Bitcoin, made a significant breakthrough, especially in the last quarter of the year, with increasing speculation that the US Securities and Exchange Commission (SEC) will finally approve a spot Bitcoin exchange-traded fund (ETF) that would pave the way for direct investment in BTC. Current data shows that the altcoin has risen over 160% since the first day of the year.
Investors are waiting for January 10, 2024, for the approval of the spot Bitcoin ETF. On this date, the SEC is expected to give the green light to all pending spot Bitcoin ETFs.
