Users of Bitcoin’s blockchain payments network have seen transaction fees explode since October. Meanwhile, the oldest cryptocurrency’s main rival, Ethereum, is also seeing sky-high fees.
According to blockchain data service CryptoRank from earlier this week, ETH gas fees across the network averaged $20 to bridge assets, $60 to make a token swap and $110 to sell an NFT.
BTC Transactions Fees Skyrocket in November
Bitcoin fees are on a tear this month, along with the Bitcoin price. From a low of $1.125 per BTC transaction on Oct 27, miner fees reached $18.69 mid-November on the back of Bitcoin ETF mania.
That’s a high in transaction fees unseen since the Bitcoin Ordinals NFT craze back in May. This shows a healthy and growing demand to use the network to lock in Bitcoin transactions on the chain.
That’s a good sign for the network and a revenue boost for Bitcoin miners who sold more Bitcoin than they produced during the October Bitcoin ETF hype rally.
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