2 years ago
Despite the latest spike successful Bitcoin transaction fees, the existent BTC transaction outgo is inactive acold from the all-time precocious levels.
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Bitcoin transaction fees saw a crisp surge successful aboriginal May, reaching their highest constituent implicit the past 2 years, according to information from CryptoFees.
On May 3, the full magnitude of fees paid connected the Bitcoin blockchain reached an magnitude of $3.5 million, jumping astir 400% from precocious April. The mean Bitcoin transaction interest reached arsenic overmuch arsenic $7.2, according to YCharts.
The ongoing trading frenzy of memecoins similar Pepe Coin (PEPE) has triggered an unwanted effect for Bitcoin (BTC), driving its transaction costs to multi-year highs.
Total Bitcoin transaction fees betwixt May 2021 and May 2023. Source: CryptoFeesThe latest summation successful BTC transaction fees is mostly attributed to a surge successful Bitcoin enactment involving BRC-20 transactions. According to information from Galaxy Research, 50% of each Bitcoin transactions connected May 2 were related to BRC-20 transactions.
Modeled aft Ethereum’s ERC-20 token standard, BRC-20 is an experimental token modular allowing users to contented and transportation fungible tokens connected the Bitcoin blockchain. The modular was introduced successful March 2023 by a pseudonymous on-chain expert known arsenic Domo.
The BRC-20 token modular has rapidly become a large inclination successful the cryptocurrency industry, specifically amid the crisp maturation of the PEPE memecoin. The token has rallied much than 600% implicit the past 7 days, reaching its all-time precocious of $0.00000216 connected May 5.
Pepe Coin (PEPE) 30-day terms chart. Source: CoinGeckoThe Bitcoin blockchain isn’t the lone blockchain affected by the ongoing memecoin hype. Gas fees connected the Ethereum blockchain person besides been skyrocketing to caller multi-month highs recently.
On May 2, ETH transaction fees hit an aggregate magnitude of much than $19 million, a level not seen since May 2022, according to CryptoFees. The Ethereum blockchain remains the astir costly web successful presumption of transaction fees astatine the clip of writing.
Related: Bitcoin miners person earned $50B from BTC artifact rewards, fees since 2010
Despite the latest spike successful Bitcoin transaction fees, the existent BTC transaction outgo is inactive acold from all-time precocious levels. The highest Bitcoin transaction fees ever seen were recorded successful April 2021, erstwhile the mean BTC transaction outgo astir reached $70 amid a large diminution successful the Bitcoin web hash rate. The erstwhile highest constituent successful BTC transaction fees was successful 2017, with transaction costs surging supra $60.
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