Token

Bitcoin

<ul>
 <li><em>Bitcoin collected $93 million in fees in the last seven days, 38% more than Ethereum.</em></li>
 <li><em>The price of Bitcoin was 5.59% higher than the average price at which all coins were bought.</em></li>
</ul>
<p><a href="https://ambcrypto.com/category/bitcoin-news/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Bitcoin [BTC]</a> became the number one-ranked network in transaction fees collected over the last week, giving proponents of its ‘transaction settlement layer’ narrative something to cheer for.</p>
<h4>Bitcoin miners rake in the moolah</h4>
<p>According to AMBCrypto’s analysis of Token Terminal data, the first-generation blockchain collected $93 million in fees in the last seven days, significantly higher than <a href="https://ambcrypto.com/search/ethereum" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Ethereum’s [ETH]</a> tally in the same period.</p>
<div id="attachment_360635" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Bitcoin-fees.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-360635" decoding="async" class="size-full wp-image-360635" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Bitcoin-fees.jpg" alt="" width="897" height="399" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Bitcoin-fees.jpg 897w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Bitcoin-fees-300x133.jpg 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Bitcoin-fees-768x342.jpg 768w" sizes="(max-width: 897px) 100vw, 897px"></a>
 <p id="caption-attachment-360635" class="wp-caption-text">Source: Token Terminal</p>
</div>
<p>The spike in fee revenue boosted miners’ overall earnings, which are made up of transaction fees and set block rewards.</p>
<p>The average daily miner revenue has increased from $25 million in October to more than $40 million in December, AMBCrypto discovered using Glassnode’s data.</p>
<div id="attachment_360641" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/glassnode-studio_bitcoin-total-miner-revenue-usd-all-miners.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-360641" decoding="async" class="size-full wp-image-360641" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/glassnode-studio_bitcoin-total-miner-revenue-usd-all-miners.png" alt="" width="1800" height="1013" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/glassnode-studio_bitcoin-total-miner-revenue-usd-all-miners.png 1800w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/glassnode-studio_bitcoin-total-miner-revenue-usd-all-miners-300x169.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/glassnode-studio_bitcoin-total-miner-revenue-usd-all-miners-1024x576.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/glassnode-studio_bitcoin-total-miner-revenue-usd-all-miners-768x432.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/glassnode-studio_bitcoin-total-miner-revenue-usd-all-miners-1536x864.png 1536w" sizes="(max-width: 1800px) 100vw, 1800px"></a>
 <p id="caption-attachment-360641" class="wp-caption-text">Source: Glassnode</p>
</div>
<p>Bitcoin’s prominence as a transaction settlement network was also evidenced by the jump in average fees paid for each transaction.</p>
<p>According to Glassnode, the mean fees climbed exponentially over the last month. Users had to spend as much as $37 on average to get their transactions validated on the 17th of December.</p>
<p>This, for a blockchain that barely saw average fees cross over $2 in 2022.</p>
<div id="attachment_360649" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/glassnode-studio_bitcoin-mean-transaction-fees-usd.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-360649" decoding="async" class="size-full wp-image-360649" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/glassnode-studio_bitcoin-mean-transaction-fees-usd.png" alt="" width="1800" height="1013" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/glassnode-studio_bitcoin-mean-transaction-fees-usd.png 1800w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/glassnode-studio_bitcoin-mean-transaction-fees-usd-300x169.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/glassnode-studio_bitcoin-mean-transaction-fees-usd-1024x576.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/glassnode-studio_bitcoin-mean-transaction-fees-usd-768x432.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/glassnode-studio_bitcoin-mean-transaction-fees-usd-1536x864.png 1536w" sizes="(max-width: 1800px) 100vw, 1800px"></a>
 <p id="caption-attachment-360649" class="wp-caption-text">Source: Glassnode</p>
</div>
<h4>Ordinals craze boosts Bitcoin’s prospects</h4>
<p>The spike in fees was a consequence of the growing demand for <a href="https://ambcrypto.com/search/ordinals" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Ordinals</a> inscriptions. The total number of inscriptions on the chain topped the 50 million mark as of this writing, AMBCrypto’s examination of a <a href="https://dune.com/queries/2158391/3536861" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">Dune dashboard</a> revealed.</p>
<p>Ordinals took the blockchain world by storm in 2023. Pioneered by Bitcoin in early 2023, other EVM and non-EVM chains have mimicked the technology and launched their own Inscriptions.</p>
<p>The dominant use case has been creating NFTs on-chain, which has significantly boosted Bitcoin’s NFT activity.</p>
<p>As per <a href="https://www.cryptoslam.io/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">CryptoSlam</a>, Bitcoin has been the dominant chain for NFT trades over the last month, with cumulative sales worth more than $797 million.</p>
<p style="text-align: center;">Read&nbsp;<a href="https://ambcrypto.com/predictions/bitcoin-price-prediction" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Bitcoin’s [BTC] Price Prediction</a>&nbsp;2023-24</p>
<p style="text-align: left;">Bitcoin fell back to the $42,000 region at press time, as a few profit-hungry traders exited the market. As per CoinMarketCap, the coin lost <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">1.34%</a> of its value in the last 24 hours.</p>
<p>Shivam Thakral, CEO of Indian cryptocurrency exchange BuyUcoin, stated in a quote shared with AMBCrypto,</p>
<blockquote>
 <p>“The overall market sentiment is on the positive side owing to positive macroeconomic factors.”</p>
</blockquote>

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