Bitcoin‘s transaction fees have recently spiked to their highest levels in six months, driven by a growing interest in Bitcoin Ordinals, a unique application of the Bitcoin network.
In the past 30 days, fees surged by 484.78%, and over the last 90 days, there was an astonishing 1865.88% increase. Despite this, fees remain below the 2023 peak of $54.8 million on May 8, with the all-time high recorded at $103 million on December 18, 2017.
In a noteworthy development, Bitcoin has overtaken Ethereum in transaction fees for the first time in three years, primarily due to the rising popularity of Bitcoin Ordinals.
These exclusive non-fungible tokens (NFTs) on the Bitcoin network have attracted significant attention, reshaping the transaction fee landscape.
While Ethereum held the top position in transaction fees until recently, Bitcoin’s resurgence, particularly with Ordinals, is causing a shift. The timing of the fee increase is crucial for miners, especially with an upcoming halving event that will reduce block rewards.
The higher fees could potentially compensate for the decrease in block rewards, becoming a significant source of miners’ revenue.
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