Key Points
- Yesterday, Bitcoin transaction fees surpassed $4 million, marking the highest day since August 22.
- The spike was likely catalyzed by renewed bullish price action in BTC-based memecoins.
According to the latest reports from Artemis Analytics online platform for crypto fundamentals, on October 17, Bitcoin transaction fees spiked, reaching the highest number in almost 2 months.
BTC Transaction Fees Hit $4.2 Million Yesterday
Yesterday, when BTC was trading at $67,300, Bitcoin transaction fees reached $4.2 million, marking the day with the highest fees since August 22.
On that day, when BTC was trading at around $60,400, the Bitcoin transaction fees were around $6.1 million, according to Artemis data.
BTC transaction fees started rising again on October 14, hitting $1.7 million, after a drop to $1.6 million on October 13, from a higher fee day on October 12, when the transaction fees were $2.8 million.
Bitcoin-Based Memecoins See Price Surges
Into the Block writes that the recent spike in Bitcoin transaction fees yesterday is likely due to a renewed price action in Bitcoin-based memecoins.
In a post on X today, they noted that BTC fees have tripled week over week, as the memecoins on Bitcoin have resurged after months of trending down.
BRC-20 tokens' market cap surged by over 2% in the past 24 hours, reaching almost $1,6 billion, while trading volume surged by almost 11%, surpassing $255 million, according to CMC data.
Notable price surges in 24 hours include Ordiswap (ORDS) up by 59%), Orders.Exchange (RDEX) and TRAC, both up by 10%
CoinGecko data reveals the market cap of Ordinals surpassing $1,75 billion, up by 0.5% today, while the 24-hour trading volume reached around $362,7 million.
Notable Ordinals price surges listed by CoinGecko include MEME which surged by over 30% in 24 hours, and DOGI, up by over 33% today.
Regarding Bitcoin's price today, the coin is trading above $67,000, following a significant price rally above $68,000 during this week, fueled by continuous inflows in BTC ETFs in the US and by the rising odds of a Trump US Presidency win.
