Bitcoin transaction gas has surged significantly as an outcome of the recent price jump. After increasing more than 230%, simply in four days, an average transaction processing cost on Bitcoin Blockchain hit $6.3. According to BitInfoCharts analysis, it’s the highest spike level since the middle of August.
On October 19, Bitcoin’s average fee spiked close to $1.9. The $4.4 rise is the most active turn in BTC transaction gas fees since the bull run in 2018.
As reported earlier, Miners on Bitcoin earned $26 million from transactional gas fees simply in September, based on Glassnode data. Whereas, Miners on the Ethereum blockchain have achieved a new milestone by earning $166 million from gas fees during the same period.
PayPal Crypto Support Triggered Bitcoin Price Rally
The news of Paypal introducing a crypto service that will allow users to buy, hold, and sell digital assets directly from their accounts has triggered the price of bitcoin above $13,000. The transaction fees lift probably has been linked with BTC’s increase in price.
Network usage is directly associated with the gas price. High transaction gas reflects network congestion. Miners prioritize the users who are willing to pay a premium in order to process Bitcoin transactions. Previously, the Bitcoin network’s highest transaction fee was $55, during the 2017 mega bull run when BTC reached its all-time high price of over $20,000.