Back in early November, the average commission was about $1.6 for each transaction. However, the figure began to grow rapidly, and on November 17 the commission reached $18.63, which is 746% higher than last year. Yesterday, miners received more than $11.6 million in transaction processing fees alone.
The growth of commissions is also affected by the exchange rate of the first cryptocurrency – now the price of BTC is at its maximum over the past year and a half. Interest in Bitcoin is fueled by rumors about the possibility of imminent approval of spot BTC ETFs in the United States. However, analysts believe that macroeconomic factors also favor the growth of Bitcoin.
For example, Anthony Scaramucci believes that a change in the policy of the US Federal Reserve System (FRS) will lead to an increase in investments in cryptocurrencies and other risky assets. And Catherine Wood expects the crypto market capitalization to grow to $25 trillion by 2030.
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.