On-chain analytics start-up IntoTheBlock reports an on-chain activity spike thisweek as Bitcoin and other cryptocurrencies rallied to new yearly highs.
As a result, the Bitcoin network saw a large increase in transaction fees, surpassing Ethereum’s total fees. In this comparison, Bitcoin fees increased by 60%, while Ethereum fees increased by nearly 50%.
On-chain activity spiked this week, with Bitcoin fees increasing 60%+ and Ethereum fees increasing by nearly 50%. pic.twitter.com/H2kFC6iQge
— IntoTheBlock (@intotheblock) December 8, 2023
A combination of factors appears to be driving the increase in network fees for Bitcoin, including a Bitcoin price climb that saw the cryptocurrency reach yearly highs of $45,000 on Dec. 5 before settling above $43,000, where it presently traded, and an uptick in Bitcoin Inscriptions, which increased demand for network capacity.
Because of the popularity of inscriptions, the cost of sending a Bitcoin transaction has risen.
Bitcoin’s total fees for the week amounted to $43.8 million, representing a 61.4% increase. Ethereum total fees amounted to $83.3 million, which represents 48.3% growth, according to IntoTheBlock data.
In today’s trading, Ethereum surpassed Bitcoin in daily gains, reaching new yearly highs of $2,390. ETH went up 4.58% in the last 24 hours to $2,360 at the time of writing. In this time frame, Bitcoin was only up 1.26% to $43,937.
Despite its recent bullish climb to new yearly highs, IntoTheBlock sees a worrying indication for Ethereum. It observes that Ethereum is not experiencing a major surge of new users, as the number of new addresses and the new adoption rate show no significant spikes.
Despite this, Ethereum is the only major layer-1 network where the percentage of supply held by whales has increased significantly. According to IntoTheBlock, whales now hold 35% of the ETH supply, up from 22% in January.
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