Bitcoin transaction fees have experienced an unprecedented surge, doubling in just one week, as the market rallies towards the coveted $70,000 mark. This surge cannot be solely attributed to the upward trajectory of Bitcoin’s price but is significantly influenced by the sudden rise in Ordinals transactions. Related Reading: Dogecoin Prospects Looking Good: Top Traders Predict $1 Price Tag Ordinals: A Driving Force Behind Fee Escalation Amidst the fervor of Bitcoin’s price rally, Ordinals transactions have emerged as a driving force behind the surge in transaction fees. Our in-depth analysis reveals that Ordinals, which started the week with approximately 48,000 daily inscriptions, witnessed an extraordinary surge, surpassing 93,000 by March 8th. This surge in daily inscriptions has not only contributed to a substantial increase in fees, with the daily average fee standing at around eight BTC but has also added a staggering $3.8 million to the total network fees for the week. Bitcoin market cap currently at $1.3 trillion. Chart: TradingView.com Bitcoin Fees Break Records, Reflecting Market Dynamism Bitcoin’s fee trend for the week has been nothing short of dyn ..
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