Bitcoin Adoption Reaches Yearly High Despite Increasing Transaction Fees
BeInCrypto
19 Nov 2023 2:33 PM
Recent data illustrates Bitcoin's daily transaction fees surpassing Ethereum's, signaling a noteworthy shift in investor interest....
- Bitcoin has surpassed Ethereum in daily transaction fees, indicating increased investor interest in Bitcoin.
- From November 16 to November 18, Bitcoin's daily fees averaged $10.65 million, while Ethereum's average fee was $6.9 million.
- Bitcoin's average transaction fees have risen over 1,000% since the start of the month, reaching a peak of $18.67 on November 16.
- The surge in fees is attributed to growing optimism about the potential approval of a Bitcoin exchange-traded fund (ETF) in the US.
- Bitcoin adoption is on the rise, with a new yearly high of 67.62% reached this week.
- On-chain data shows an increase in newly created active addresses and a record high in the volume of BTC held by long-term investors.
- Smaller wallets with less than 1 BTC have flooded the network, indicating increased participation from new market participants.
- Strike CEO Jack Mallers predicts that the price of Bitcoin could reach "hundreds of thousands of dollars" due to its innovative technology and its status as superior money.
The overall sentiment of the article is positive. It highlights the increased investor interest in Bitcoin, the rise in adoption, and bullish sentiments from industry experts.