{"id":358103,"date":"2023-12-09T20:00:35","date_gmt":"2023-12-09T14:30:35","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=358103"},"modified":"2023-12-09T22:42:35","modified_gmt":"2023-12-09T17:12:35","slug":"bitcoin-what-rising-network-activity-means-for-btc-price-prediction","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/bitcoin-what-rising-network-activity-means-for-btc-price-prediction\/","title":{"rendered":"Bitcoin: What rising network activity means for BTC&#8217;s price prediction"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">The last week has seen increased activity on the Bitcoin network.<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">This has resulted in a 61% uptick in total fees during that period.<\/span><\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The Bitcoin [BTC] network experienced a surge in activity last week, leading to a 61% increase in total transaction fees, on-chain firm IntoTheBlock noted in a post on X.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">On-chain activity spiked this week, with Bitcoin fees increasing 60%+ and Ethereum fees increasing by nearly 50%. <a href=\"https:\/\/t.co\/H2kFC6iQge\">pic.twitter.com\/H2kFC6iQge<\/a><\/p>\n<p>&mdash; Sentora (@SentoraHQ) <a href=\"https:\/\/twitter.com\/SentoraHQ\/status\/1733098591319621689?ref_src=twsrc%5Etfw\">December 8, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">According to the data provider, transaction fees recorded during the week totaled $43.8 million.\u00a0<\/span><\/p>\n<h4><b>The BRC-20 hype had this impact on the Bitcoin Network<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">The rise in activity has been due to the double-digit surge in BTC\u2019s value during the week and the recent uptick in the adoption of BRC-20 tokens and text-based inscriptions on the Bitcoin network.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">At press time, BTC traded at an 18-month high of $44,261. In the last week, the coin\u2019s value has risen by 14%, according to data from <\/span><a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">CoinMarketCap<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This has been due to the growth in demand for the leading coin, whose price has rallied to new highs. The coin&#8217;s network activity spiked as many aped in on BTC to profit from the price growth.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Also, the last week has witnessed a high interest in BRC-20 tokens on the BTC\u2019s network. For example, during the week, meme coin Ordi [ORDI] became the first BRC-20 token to <a href=\"https:\/\/eng.ambcrypto.com\/bitcoin-brc20-token-crosses-1-billion-market-cap-whats-next\/\" target=\"_blank\" rel=\"noopener\">surpass<\/a> a $1 billion market capitalization.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> Similarly, its price touched an all-time high of $63 during the same period.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The high activity around BRC-20 tokens during the week caused the Bitcoin network to become congested with unconfirmed transactions, which clogged up the meme pool.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As of 6th December, data from <a href=\"https:\/\/mempool.space\/\" target=\"_blank\" rel=\"noopener\">mempool.space<\/a> showed that the memory pool, which is the temporary storage area for pending transactions, touched 1.54GB, a level significantly above the 300 MB capacity.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Further, during the week, the average transaction fee on the blockchain climbed to its highest since April.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">On 6th December, network users paid an average transaction fee of $19.48, according to data from <a href=\"https:\/\/bitinfocharts.com\/comparison\/bitcoin-transactionfees.html#6m\" target=\"_blank\" rel=\"noopener\">BitInfoCharts.<\/a> However, this has declined in the past three days to $16.189 as of this writing.\u00a0<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\">Read\u00a0<a href=\"http:\/\/ambcrypto.com\/predictions\/bitcoin-price-prediction\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">Bitcoin\u2019s [BTC] Price Prediction<\/a>\u00a02023-24<\/p>\n<hr \/>\n<h4><b>Futures market participants maintain bullish sentiments<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">In the coin\u2019s futures market, its open interest has continued to rise. At $19.7 billion at press time, BTC\u2019s open interest rested at its highest level since April 2022. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The uptick in open interest means that more traders are entering the market and opening new positions.<\/span><\/p>\n<figure id=\"attachment_358104\" aria-describedby=\"caption-attachment-358104\" style=\"width: 2560px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/12\/Screenshot-2023-12-09-at-06.40.35.png\"><img decoding=\"async\" class=\"size-full wp-image-358104\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/12\/Screenshot-2023-12-09-at-06.40.35.png\" alt=\"\" width=\"2560\" height=\"754\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/12\/Screenshot-2023-12-09-at-06.40.35.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/12\/Screenshot-2023-12-09-at-06.40.35-300x88.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/12\/Screenshot-2023-12-09-at-06.40.35-1024x302.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/12\/Screenshot-2023-12-09-at-06.40.35-768x226.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/12\/Screenshot-2023-12-09-at-06.40.35-1536x452.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/12\/Screenshot-2023-12-09-at-06.40.35-2048x603.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-358104\" class=\"wp-caption-text\">Source: Coinglass<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Likewise, its OI-weighted funding rate continues to return positive values. This shows that more traders are holding long positions, betting on BTC\u2019s price to rise further.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The high level of activity recorded on the Bitcoin network during the week caused total fees to grow by over 60%.<\/p>\n","protected":false},"author":64,"featured_media":358106,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,360,66,3,4,20],"tags":[],"class_list":["post-358103","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-btc-trading-view","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Bitcoin: What rising network activity means for BTC&#039;s price prediction - 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