Bitcoin Transaction Fees Hit Highest Level in Two Years
Transaction fees on the Bitcoin network skyrocketed to nearly $20 this week, with the last time they were at this level being in April 2021.
This rise has been attributed to the release of the Ordinals protocol in January 2023, which has enabled users to stake non-fungible tokens on the network and resulted in an increase in transactional activity.
Data from Ycharts shows that fees have risen to $19.21, while Dune Analytics reports that more than 3 million tokenized images have been released since the update.
However, when BTC fell to $27,486 on the night of Tuesday, May 9, the cryptocurrency’s capitalization dropped by more than 5% to $532.373 billion.
This decrease was due to bitcoin’s failure to reach $30,000, with some observers speculating that a rollback to $25,000 may be necessary before a breakthrough occurs.
