Bitcoin Network Fees Double as BTC Nears $70,000

Bitcoin [BTC] has been trending higher over the past week, and a rise in transaction fees has reflected this increase.

However, the increase in rates cannot be attributed solely to rising prices; on the contrary, it is also influenced by a slight increase in ordinal transactions observed during the week.

Double Bitcoin Fees

Data from IntoTheBlock showed that Bitcoin saw a notable increase in transaction fees this week, doubling compared to the previous week.

One of the main factors contributing to this increase is the upward movement in the price of BTC, bringing it closer to the US$70,000 range.

This price increase, in turn, caused a significant increase in transaction volume, reaching the highest levels in months.

AMBCrypto analysis of Santiment’s volume chart showed that it surpassed $100 billion on March 5th and 6th. The last time such a volume level was observed was in November 2022.

IntoTheBlock attributed the increase in fees not only to price increases but also the recent increase in Ordinal transactions.

   Total network fees increased by more than 100% last week.
   Ordinal transactions contributed more than $3 million in fees.

Bitcoin [BTC] has been trending higher over the past week, and a rise in transaction fees has reflected this increase.

However, the increase in rates cannot be attributed solely to rising prices; on the contrary, it is also influenced by a slight increase in ordinal transactions observed during the week.

How have the overall rate trend performed in light of the recent price increase?

Double Bitcoin Fees

Data from IntoTheBlock showed that Bitcoin saw a notable increase in transaction fees this week, doubling compared to the previous week.

One of the main factors contributing to this increase is the upward movement in the price of BTC, bringing it closer to the US$70,000 range.

This price increase, in turn, caused a significant increase in transaction volume, reaching the highest levels in months.

AMBCrypto analysis of Santiment’s volume chart showed that it surpassed $100 billion on March 5th and 6th. The last time such a volume level was observed was in November 2022.

IntoTheBlock attributed the increase in fees not only to price increases but also the recent increase in Ordinal transactions.
How Ordinal Transactions and Fees Have Fared Recently

AMBCrypto’s analysis of Ordinals signups last week revealed a significant increase.

Starting with about 48,000 daily registrations at the beginning of the week, the number of daily registrations increased to more than 93,000 by March 8.

Examination of the ordinal rate paid during this period showed that the average daily rate was around eight BTC. This resulted in Ordinals fees contributing around $3.8 million to the network’s total fees for the week.

Additionally, data from Dune Analytics showed that Ordinals has contributed more than $434 million in fees to date.
How General Bitcoin Fees Evolved

AMBCrypto’s analysis of Bitcoin’s fee trend throughout the week showed that it started with approximately 46 BTC in daily fees. Around March 5th, daily rates increased to over 103 BTC.

However, towards the end of the week, the daily rate decreased to around 40.7 BTC.

Despite the drop in rates at the end of the week, analysis of the graph showed that there were more daily rates compared to the previous week.