Bitcoin and Ethereum Networks See Heightened Fees as Crypto Usage Soars

Crypto News
Crypto News

20 Nov 2023 6:50 AM

Bitcoin and Ethereum networks have experienced a dramatic surge in transaction fees amid soaring crypto usage....

  • Bitcoin (BTC) and Ethereum (ETH) transaction fees have surged due to increased crypto usage.
  • The average BTC transaction fee is currently around $10, a 500% increase from earlier this month.
  • Ethereum gas fees have spiked to over 100 gwei, resulting in high costs for various transactions.
  • Bitcoin's daily fees averaged $10.65 million, surpassing Ethereum's average fee of $6.9 million.
  • The surge in BTC transaction fees is attributed to the revival of Ordinal Inscriptions, digital assets similar to NFTs.
  • Bitcoin adoption has reached a new yearly high of 67.62%, with an increase in active addresses and long-term investors.

The article provides information about the surge in transaction fees for Bitcoin and Ethereum, indicating a negative sentiment due to the increased costs for users.

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