Record-breaking day for Bitcoin as transaction fees surge to $24 million

Quick Take

Over the past weekend, Bitcoin transaction fees recorded a new milestone. Measured in United States Dollars (USD), Bitcoin experienced the largest single-day spike in fees, reaching approximately $24 million on Dec. 17. This peak surpassed the previous highs of $18 million in May 2023 and $21 million in 2017.

Over the past week, Bitcoin has generated an average daily fee revenue of $14 million, slightly higher than Ethereum’s $12.4 million, according to Cryptofees.

However, when considering miner fees in terms of Bitcoin as the unit of account, recent spikes present a different picture. The largest single-day spike over the weekend saw revenue of 560 Bitcoin. This figure falls short of the 635 Bitcoin record set in May 2023 and is significantly smaller than the 1,500 Bitcoin peak observed in 2017.

Thus, while the surge in transaction fees indicates rising costs when measured in USD, from a Bitcoin-centric perspective, the fees have actually decreased compared to earlier peaks

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