Bitcoin (BTC) Sees Rare 300% Quarterly Increase in Transaction Fees, Here's Why
Bitcoin transaction fees increased 4x compared to last quarter...
- Bitcoin transaction fees have increased four times since the previous quarter, marking the largest increase since Q2 2021.
- The rise in fees is primarily driven by Ordinals-related activity, which works on the Ordinals Protocol and allows users to embed data into the Bitcoin blockchain.
- Over $55 million in fees have been paid by inscription creators to date, with a total of 14.4 million inscriptions.
- Bitcoin is on track for its second consecutive quarterly rise, up nearly 9% from April to June.
- Hopes of BlackRock Inc., Fidelity Investments, and others launching spot Bitcoin exchange-traded funds in the US have contributed to Bitcoin's recovery.
- The global cycle of monetary tightening is nearing its end, alleviating concerns about rising rates on sentiment.
- Bitcoin began the year at $16,000 and has outperformed major stock indexes.
- After reaching a new one-year high, Bitcoin has traded in a range of approximately $1,500 since topping $31,410.
The sentiment of the article is mostly positive, highlighting the increase in Bitcoin transaction fees, the growth of Ordinals-related activity, and the positive performance of Bitcoin in the market.