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According to IntoTheBlock, an on-chain analytics startup, Bitcoin fees, which refer to the amount of BTC paid to miners to include the transaction in the next block of the blockchain, reached new levels in 2023 highs.
According to IntoTheBlock, average daily fees have increased 35x since December 2022, with Bitcoin (BTC) miners benefiting significantly from increased transaction costs.
Mainly responsible for the increase is Ordinals, a protocol that allows users to store non-fungible tokens (NFTs) as inscriptions on the Bitcoin blockchain.
Bitcoin Ordinals, a mechanism for generating non-fungible tokens (NFTs) known as inscriptions, launched in January, bringing the NFT and smart contract narratives to the Bitcoin network.
According to the latest data released by Dune Analytics on December 26, users have a total of 51,720,061 ordinal inscriptions.
Not only has Bitcoin reached new highs in network fees, but Santiment also believes that 2023 will be remembered as one of the best-performing years of the century, taking various major sectors into account.
Santiment points out that Bitcoin and Ethereum are still within striking distance of breaking through the one-and-a-half-year highs reached just three weeks ago.
Bitcoin rallied on speculation that the U.S. Securities and Exchange Commission is close to approving an exchange-traded fund that will invest directly in the largest token.
Investors are seeking a Jan. 10 deadline for the U.S. Securities and Exchange Commission to decide whether to approve a spot Bitcoin ETF. Grayscale is seeking approval to convert its Bitcoin Trust, the world's largest, into an ETF.
Bitcoin was barely 0.04% higher at the time of writing, trading at around $43,088 after recovering from Tuesday's loss.
About the author
Tomiwabold Olajide
Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducts comprehensive price analysis, and shares predictions on estimated market trends. Tomiwabold graduated from the University of Lagos.
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