Bitcoin Adoption Surges Despite Rising Transaction Costs to Reach Annual Peak

Bitcoin Adoption Surges Despite Rising Transaction Costs to Reach Annual Peak

Bitcoin (BTC) continues  to assert its dominance over Ethereum (ETH) in terms of daily transaction fees. According to CryptoFees data, the daily fees for Bitcoin (BTC) averaged $10.65 Million from November 16 to November 18, exceeding Ethereum’s average fee of $6.9 Million over the same period.

Bitcoin Transaction Fees Surge
BTC’s average transaction fees have skyrocketed by over 1,000% to a peak of $18.67 on November 16, based on BitInfoCharts data. This surge reflects the market’s increasing optimism about a probable spot Bitcoin (BTC) exchange-traded fund (ETF) approval in the United States. Regardless of this, the SEC remains cautious, pushing back decisions on numerous Bitcoin (BTC) ETF applications to 2024.

Bitcoin (BTC) Increasing Adoption
Regardless of concerns that high transaction fees might discourage Bitcoin users, on-chain data indicates the opposite. IntoTheBlock reports a new yearly high in Bitcoin (BTC) adoption, reaching 67.62% this coming week. This spike signifies a rise in newly created active addresses, signaling an influx of new market participants. In addition, the volume of Bitcoin held by long-term investors has hit an record-breaking peak, with over 1 Million addresses owning more than 1 unit of Bitcoin. Santiment likewise reinforces these findings, noting an increase in smaller wallets with less than 1 BTC.

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Hot Take
Bitcoin (BTC) is outpacing Ethereum (ETH) in daily transaction fees, reflecting heightened investor interest in the leading digital currency. The surge in BTC’s average transaction fees is driven by market optimism about a probable spot Bitcoin (BTC) ETF approval in the United States. Regardless of high charges, Bitcoin (BTC) adoption is on the rise, with an increase in active addresses and the volume of Bitcoin held by long-term investors. These trends indicate growing interest and participation in the Bitcoin (BTC) market, reinforcing positive trend sentiments from industry figures like Strike CEO Jack Mallers.

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