Fees on the Bitcoin blockchain have surged to two-year highs as the ‘Bitcoin Request for Comment’ (BRC-20) tokens and the rising popularity of the Ordinals protocol drives demand for block space.
Average transaction fees on the Bitcoin network were hovering at just under $20 during European hours on Monday, a bump from last week’s average $1.20 level. Such levels were previously seen in May 2021, when bitcoin prices set a then-record peak of $60,000.
The number of non-fungible tokens (NFT) tied to the Bitcoin blockchain surged above 3 million last week after a one-day spike in activity that mainly consisted of text-based assets, data from Dune Analytics showed.
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