Early in May, Bitcoin (BTC) transaction fees skyrocketed, eventually hitting an all-time high over the last two years.
On Wednesday, May 3, the total amount of fees paid on the Bitcoin blockchain reached $3.57 million, climbing around 400% from late April.
This surge can be attributed to the creation of BRC-20 tokens; these tokens were introduced just two months ago as an experiment and use Ordinals inscriptions to store new tokens on top of satoshis, according to data shared with Finbold provided by IntoTheBlock on May 5.
Bitcoin transaction fees May 3, 2023. Source: IntoTheBlock
It’s worth noting that despite the rise in fees, Bitcoin’s average daily transaction fee is still significantly lower than Ethereum’s. As per the data shared by IntoTheBlock, the average daily transaction fee on Bitcoin is $6, compared to $17 on Ethereum on May 4.
What’s more, the market cap of BRC-20s climbed to over $160 million this week and led to a new all-time high in Bitcoin daily transactio
We współpracy z: https://finbold.com/bitcoin-fees-spike-to-the-highest-level-since-may-2021/
