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Bitcoin (BTC) on-chain transaction fees surge to $40 had sparked a debate on sustainability amid the latest wave of Ordinals inscriptions. Data depicts that BTC miners have raked in $23.7 million in fees, setting an all-time record. However, Bitcoin price recorded a surge of over 2% in the last 7 days. 
<a href="https://news.todayq.com/bitcoin-price-surge-following-blackrocks-etf-amendment/" target="_blank" rel="noreferrer noopener">Bitcoin price jumped</a> by 5% in the last 24 hours. BTC is trading at an average price of $43,019, at the press time. Its 24 hour trading volume is up by 25% to stand at $25 billion. Bitcoin miners bag big 
According to a report, the latest boon comes as the crypto market rebounded strongly on Monday by rejecting concerns that had emerged during last week. It mentioned that the recent narrative of fear among traders quickly shifted to greed with Bitcoin surging back to the $43 price level. 
It added that the surge in fees is tied to the increased utilization of the Bitcoin network. However, on December 16, 2023, miners recorded a massive increase in mining revenue, largely propelled by elevated fees. This surge is partly attributed to the Ordinals protocol, where substantial trading volumes have led to peak demand for block space. 
An interesting side of this resurgence is linked with a noteworthy volume of Bitcoin Non-Fungible Tokens (NFTs) changing hands. In the last 24 hours alone, Bitcoin NFT sales reached an impressive $40 million. This has outpaced volumes on major networks such as Ethereum (ETH) and Solana (SOL). This surge in transaction activity has significantly contributed to the overall mining revenue. It now stands at approximately $63.8 million. Source: CryptoQuant What does it mean? 
Transaction fees per Bitcoin block serve as a crucial indicator of network traffic and user demand. A recent fee spike highlights a positive sentiment in the market with increased user engagement.&nbsp; 
Historical data suggests that peaks in fees and prices are frequently followed by pullbacks. These retractions can be linked to various factors. This can include network congestion, speculative trading, investor selling patterns, and the entry of new Bitcoin miners into the market. 
With 127 days left until the next Bitcoin halving, people are talking a lot about what the price might do. The way people guess and how miners act will show how healthy the market is and how investors feel. Experts are keeping a close eye on these signs to see if the market’s growth is strong and lasting. 
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Bitcoin miners break all-time fee record as BTC NFTs shine

Todayq News

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