Leading cryptocurrency of bitcoin Transaction fees on the blockchain network where it is traded have increased significantly in recent days. Crypto investors are wondering about the reason behind the rise in fees.
Blockchain According to the current data of CryptoFees, which tracks the transfer fees in their networks, on April 23, 2023 BTC The total daily transfer cost on its network amounted to $ 380 thousand. The metric, which has increased since the end of the month, has exceeded the limit of $ 4,000,000 today.
The fact that Bitcoin appreciated only 5% between the two dates in question shows that the increase in commissions is not due to the BTC price. So why are transfer fees increasing?
Ordinals Event Rising!
on-chain According to data, Bitcoin Ordinals are behind the increase in transaction fees on the BTC network. The metric shared by Dune Analytics revealed that an average of 150,000 transactions were made on Ordinals in recent days.
The Ordinals protocol is a project that allows the creation of NFTs on the Bitcoin network.
BTC Price
Bitcoin, the largest cryptocurrency by market cap, spends the first week of May inactive.
The price war in the $30,000 region continues for BTC, which has gained only 0.5% since the first day of the week. We can say that if the blue zone, where the sellers are concentrated, is exceeded, the bulls will prevail.
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