Increased user activity in the Bitcoin (BTC) network led to a rise in transaction fees. Data from IntoTheBlock shows that operational fees increased by 60% over the last week. Meanwhile, fees in the Ethereum (ETH) network grew by 50%.
This period of high network activity coincided with a rise in the value of Bitcoin and Ethereum. Last week, the total amount of transaction fees paid reached $43.8 million for BTC and $83.8 million for ETH, as noted by experts. The volume of network fees on Ethereum was significantly higher than on the Bitcoin blockchain, due to ETH's use in NFT and DeFi projects.
BTC repeatedly tried to consolidate above the $44,000 level but regularly fell below it due to asset sales. The most intense selling was recorded in November, involving large investors, as reported by Santiment. This led to a slowdown in BTC's growth.
In December, there was a resumption of asset accumulation. Addresses controlling more than 100 BTC are setting the stage for a potential price increase to $45,000 in December. Analysis of the SOPR index last week indicated that sellers made significant profits, as discovered by Glassnode.
