The increased activity of bitcoin (BTC) network users has led to an increase in transaction fees.
According to the IntoTheBlock platform, transaction fees increased by 60% over the week. Commissions on ethereum increased by 50% during the same time.
High network activity was accompanied by a strengthening of bitcoin and ether exchange rates. The largest digital currencies rose in price on the night of Monday, December 11, to $43,780 and $2350 respectively.
Last week, the amount of paid transaction fees totaled $43.8 million on BTC and $83.8 million on ETN, analysts emphasized.
Total network fees on ethereum were significantly higher than on the bitcoin blockchain, as ETH is used by projects representing the NFT and DeFi markets.
BTC tried to consolidate above $44,000 several times, but it fell below this psychological mark due to profit taking.
November saw the most aggressive sell-offs. Whales and sharks took part in them, according to the Santiment report. That is why the pressure increased and the strengthening of BTC slowed down.
In December, the accumulation resumed. This behavior of addresses controlling more than 100 BTC creates conditions for a jump to $45,000 already in December.
The rise in the SOPR index last week indicated large profits being made by sellers, Glassnode found out.