Bitcoin (BTC) transaction fees have risen for the first time since October as network activity has begun to increase. Meanwhile, according to cryptanalysis providers, the price of the Ethereum (ETH) network is moving in the opposite direction, resulting in a reduction in the burning of ETH tokens. CryptoCompare..
According to the latest CryptoCompare report, fees paid for transactions on the Bitcoin network broke the four-month downtrend in March, rising 18.3% that month to a total of US $ 15.2 million.
In addition, the average fee for each transaction was $ 1.91, an increase of $ 1.84 per month.
The rise in fees paid in March was due to increased network usage. According to the report, in March we saw 7.98 million on-chain transactions processed by the Bitcoin network. This is the maximum number of monthly transactions so far in 2022.
Bitcoin Daily Transactions and Prices:
Ethereum, on the other hand, has reduced both fees and the number of transactions processed over the network.
“Ethereum prices continue to fall, this time down 37.0% to a total of US $ 424 million,” the report said. It also notes that the decline in average fees paid per transaction is a “rapid decline”, dropping from $ 21.25 in February to $ 12.13 last month.
In particular, the low fees paid for transactions on Ethereum also mean that less ETH is consumed by the mechanism that removes some of the ETH tokens paid for the transaction from distribution.
The mechanism introduced in the EIP-1559 upgrade last August is believed to occasionally deflate the supply of ETH and theoretically increase the value of each circular token.
But now, CryptoCompare says that lower rates have reduced the average number of ETH tokens burned per day by 49.5% to ETH 3,827 for the month. “Thus, the network inflated for the month of March, with an average daily block reward of 13.5kETH,” the report said.
At 14:03 UTC on Thursday, BTC is trading at $ 40,600, unchanged for the day and down nearly 6% in a week. At the same time, ETH has changed trading at $ 3,052, down 1% in a day and nearly 4% in a week.
-The crypto market rises in the hope of “Alt season”, and some Bitcoin whales are sold
-Stablecoin sees growth in the crypto market stuck in “bearish calm”
-Analysts continue to reduce Bitcoin hash rate estimates, even though growth is beyond the model
-2022 Bitcoin and Cryptocurrency Mining: New Places, Technology, and Bigger Players
-ETH rises in a wider market as Ethereum prices hit a seven-month low
-How to Save Ethereum Charges with Layer 2 Solutions: StarkWar