The amount of Bitcoin that is given to miners in order for their transaction to be included in the next block of the blockchain is known as a “Bitcoin fee,” and according to IntoTheBlock, an on-chain analytics start-up, this amount reached new highs in 2023.
Since December 2022, average daily fees have climbed 35 times, according to IntoTheBlock. As a result of the rising cost of transactions, Bitcoin (BTC) miners have profited handsomely.
https://x.com/intotheblock/status/1740281752105488691?s=20
The primary cause of the rise is ordinals, a system that enables users to deposit non-fungible tokens (NFTs) as inscriptions on the Bitcoin blockchain.
In January, Bitcoin Ordinals, a method for creating inscriptions, or non-fungible tokens (NFTs), became live, introducing the NFT and smart contract stories to the Bitcoin network.
As of December 26, Dune Analytics released the latest statistics, which shows that users have 51,720, 061 Ordinals inscriptions overall.
In addition to reaching all-time highs in network fees, Santiment thinks that 2023 will go down as one of the best years of the century for a number of key industries.
Bitcoin and Ethereum, as noted by Santiment, are very close to surpassing their 1.5-year highs, which were reached just three weeks ago.
A rumour that the U.S. Securities and Exchange Commission is almost certain to approve an exchange-traded fund that would invest directly in the biggest token has caused the price of bitcoin to rise.
Investors are hoping that the U.S. Securities and Exchange Commission will make a decision on whether to authorise a spot Bitcoin ETF by January 10. Grayscale is asking for permission to convert the biggest Bitcoin Trust in the world into an exchange-traded fund (ETF).
After rebounding from Tuesday’s loss, Bitcoin was only 0.04% higher at the time of writing, trading at $43,088.
