In a surprising twist, Bitcoin has reclaimed its top spot for daily transaction fees, leaving Ethereum behind after a three-year stint as the fee frontrunner. Ethereum’s charm lay in its flexible blockchain tech, giving rise to a plethora of decentralized apps (dApps) and spiking transaction fees, especially in the realms of non-fungible tokens (NFTs) and decentralized finance (DeFi).
Bitcoin’s Daily Fees Flips Ethereum’s Data
Latest data as of November 17 tells us that Bitcoin’s daily fees have soared past $11,630,637, outshining Ethereum’s $8,445,996 during the same timeframe. This shake-up poses a crucial moment for Bitcoin miners, grappling with spiking transaction fees and bracing for the imminent Bitcoin halving.
Smaller Wallets Are Now Buying More Bitcoin, While The Bigger Wallets Are Flattening Out
🐟🐬🐳 #Bitcoin's wallets have fluctuated during this major market-wide surge. Tons of new smaller wallets with less than 1 $BTC have flooded the network. Meanwhile, the 1-100 tier has flattened out, and 100+ tier may be in the midst of some profit taking. https://t.co/va51CcexC1 pic.twitter.com/PNZtA9ir2U
— Santiment (@santimentfeed) November 17, 2023
Diving into the nitty-gritty, Santiment’s data gives us a peek into Bitcoin wallet dynamics amid this market frenzy. There’s been a flood of smaller wallets, each packing less than 1 BTC, hopping onto the scene. Meanwhile, the 1-100 BTC club is holding steady, and those with 100+ BTC might be cashing in on some profits.
In the last month alone, wallets with less than 1 BTC ballooned by a whopping 1.5 million. On the flip side, we saw a dip of 118 wallets in the 1-100 BTC category and 19 wallets in the 100+ BTC league.
This wallet shuffle tells a tale of shifting investor vibes. The small wallet surge hints at more everyday folks or newbies joining the party, likely lured in by the recent market buzz. At the same time, the drop in the larger wallet count suggests big players might be playing the profit game.
Final Thoughts
With Bitcoin’s transaction fees making waves again, the crypto stage is evolving. Staying on your toes and tweaking strategies is the name of the game in this dynamic crypto rollercoaster.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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