{"id":3039751,"date":"2023-12-30T16:29:47","date_gmt":"2023-12-30T21:29:47","guid":{"rendered":"https:\/\/wordpress-1016567-4521551.cloudwaysapps.com\/plato-data\/bitcoin-achieves-record-breaking-cumulative-transaction-fees-surpassing-100-million-report\/"},"modified":"2023-12-30T16:29:47","modified_gmt":"2023-12-30T21:29:47","slug":"bitcoin-achieves-record-breaking-cumulative-transaction-fees-surpassing-100-million-report","status":"publish","type":"station","link":"https:\/\/platodata.io\/plato-data\/bitcoin-achieves-record-breaking-cumulative-transaction-fees-surpassing-100-million-report\/","title":{"rendered":"Bitcoin Achieves Record-Breaking Cumulative Transaction Fees, Surpassing $100 Million: Report"},"content":{"rendered":"
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As altcoins surge in various directions, it\u2019s noteworthy that the market has not undergone a 25% drawdown in the past 12 months for 234 consecutive days, marking the lengthiest streak since 2011. Even as altcoins continued to fly across the board, Bitcoin has emerged as a winner and one of the top-performing crypto assets so far.<\/p>\n

Data also suggest that Bitcoin currently holds the top position among blockchain networks in terms of transaction fees over the past seven days.<\/p>\n

Bitcoin Claims the Throne with Highest Transaction Fees<\/h2>\n

Reflexivity\u2019s latest report<\/a> indicates that the persistent increase in Bitcoin transaction fees has been notable, as it has recorded the highest cumulative numbers of any blockchain network during this period, exceeding $100 million.<\/p>\n

This surge in miner revenue acts as a powerful incentive for more operators to join the network by deploying additional machines, aiming to capture a larger share of the transaction rewards.<\/p>\n

As reported earlier, Bitcoin\u2019s hash rate<\/a> hit an all-time high of 544 exahashes per second (EH\/s) on December 25, representing a 130% increase since January, when it was hovering near 253 EH\/s.<\/p>\n

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According to Reflexivity, this uptrend not only signifies increased energy consumption for network security but also reflects the integration of more efficient mining rigs. These upgraded rigs generate a higher number of hashes while requiring less energy, contributing to the overall efficiency of the mining process.<\/p>\n

Gauging The Derivatives Space<\/h2>\n

At the conclusion of 2022, the crypto industry experienced a significant downturn, witnessing the dramatic collapse of Sam Bankman-Fried\u2019s FTX empire and Bitcoin\u2019s value plummeting to a mere $17,000.<\/p>\n

Fast forward twelve months, and Bitcoin has undergone a remarkable resurgence. Its price has soared by an astonishing 155% year-to-date, establishing itself as one of the best performers among crypto assets in 2023.<\/p>\n

The driving force behind Bitcoin\u2019s resurgence lies in persistent speculation surrounding the potential approval of a spot ETF by the SEC. This approval would mark a historic moment, enabling prominent institutional investors to enter the cryptocurrency market for the first time.<\/p>\n

The open interest in Bitcoin CME futures has once again surpassed the $5 billion mark, which could potentially indicate that the participation of traditional financial entities has \u201cput the Bitcoin ETF front running trade on.\u201d<\/p>\n

It is crucial to keep a close eye on this development, particularly considering that the CME presently holds a historically high percentage of Bitcoin\u2019s overall futures open interest. This underscores the heightened significance of CME activity in influencing Bitcoin\u2019s price dynamics.<\/p>\n

The discount on GBTC is narrowing further, currently standing at just 6% below its net asset value, which is indicative of optimistic sentiments regarding the anticipated approval of a Bitcoin ETF in the early days of January.<\/p>\n

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