Growing network congestion on the Bitcoin network as a result of increasing BRC-20 activity is causing a jump in Monero daily transactions.
- Daily transaction volume on Monero spikes.
- The change came at the same time that Bitcoin fees spiked.
- Compared to Monero, the average charge for Bitcoin is hundreds of times greater.
As more countries adopt the Financial Action Task Force’s (FATF) Travel Rule, there has been a growing legislative backlash against blockchain financial privacy. The Travel Rule requires bitcoin service providers to gather and reveal the sender and recipient details of cryptocurrency transfers in an effort to stop money laundering and terrorism funding.
Coins with a privacy focus are starting to gain traction, despite the risk of transaction monitoring and spying. Regardless of the intended impact of the Travel Rule, data indicates that since the beginning of 2023, transaction volume on Monero, the top privacy cryptocurrency, has trended higher.
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Volume of Transactions on Monero Rises
Bitinfocharts data shows that since the beginning of 2023, Monero’s daily transaction volume has increased significantly. On January 1st, transactions reached a yearly low of 10.9k, but on November 17th, they surged to 33.4k. The 21-week high for Monero activity is represented by this enormous increase of over 200%.
Throughout 2023, Monero daily transactions increased gradually, peaking at 42.5k by the end of June. But this was followed by a precipitous drop that culminated in a local low of 14.5k daily transactions on August 19. The most popular privacy coin has gained traction despite this downturn, and transaction volume is going upward after reaching the regional low in August.
BlackRock filed their application for a Bitcoin ETF in mid-June, the same time as the decline in Monero transaction volume in June. It’s possible that the ETF registration changed investor perception to prioritize Bitcoin above other cryptocurrencies. However, Monero activity has gradually increased since the local low in August despite the Securities Exchange Commission’s ongoing delay in approving a Bitcoin ETF.
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Rising Bitcoin Fees
As privacy advocate OrangedMike pointed out, Bitcoin users have been paying “crazy transaction fees” lately. This coincides with the current increase in Monero activity.
The Bitcoin network is being overloaded with BRC-20 transactions, which is the cause of the spike in transaction fees. Due to the surge of activity and the limited transaction capacity, Bitcoin fees have skyrocketed as users compete for priority.
The average Bitcoin transaction fee reached a 27-week high of $18.67 on November 16. The average Monero fee for that day was $0.045; that makes this nearly 460 times more expensive.
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