BTC addresses surge as ETH transaction fees spike

BTC addresses surge

In terms of daily transactions, in recent weeks, Bitcoin matched its all-time daily transactions figure, which was last seen in 2018, after a BTC addresses surge was seen.

Taking the growing user data into consideration, one can deduce that the bull is still leading the price of digital assets somewhere.

If the bull that encompassed the market continues this way, Ethereum might be on the right course to hit an all-time high figure. According to Coin Metrics, a data analysis firm, it noted that in previous weeks, Ethereum saw nothing less than 626,000 daily active addresses.

Ethereum close to an all-time daily transaction record

Taking Ethereum’s all-time high record onto consideration, the daily active address number needs a little over 111,000 to match that figure.

Furthermore, the firm, through its report, still looked closely at the amount charged for transactions during the one day period. Transaction fees are now on the rise, which means that there is more than enough demand for Ethereum.

According to previous records, the networks are always filled with large unconfirmed transactions whenever the bull run starts in the crypto market.

The Bitcoin miners have a way they go around the difficulty by choosing to pay high fees so their transactions will be confirmed on time.

However, a drastic drop in the number of transactions will be followed by a rapid drop in transaction fees. With every BTC addresses surge recorded, a transaction fee spike is imminent.

BTC addresses surge as it triggers transactions fees spike, report says

The report backed up the higher transaction higher fees theory after it stated that the Ethereum network was the biggest winner after it witnessed massive returns from transaction fees.

It should be noted that this development placed Ethereum above the Bitcoin network.

By last week, Ethereum had received nothing less than $2 million in transaction fees, with Bitcoin playing catch up but a little yard, the report said.

Unsurprisingly, the market capitalization of both digital assets witnessed massive growth after they smashed the previous all-time high records to post new ones.

Presently, Bitcoins market capitalization is around $215 billion, while Ethereum boasts of the market capitalization of around $45 million.

With the BTC addresses surge witnessed on a daily count, stablecoins has also witnessed considerable growth in that aspect.

Kamsi King

Kamsi King

King Kamsi is a fintech and digital currency writer and enthusiast. He is keenly interested in blockchain and cryptocurrency and their global adoption. When not busy with writing, he can be found hobnobbing in forums with the best minds in crypto, both developers and startup founders.

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