- Total network fees rose by over 100% in the past week.
- Ordinals transactions contributed over $3 million in fees.
Bitcoin [BTC] has experienced an upward trend in the past week, and an increase in transaction fees has mirrored this surge.
However, the rise in fees cannot be solely attributed to the price surge; rather, it is also influenced by a slight increase in Ordinals transactions observed during the week.
How has the overall fee trend performed in light of the recent price rise?
Bitcoin double fees
Data from IntoTheBlock showed that Bitcoin experienced a notable increase in transaction fees this week, doubling compared to the previous week.
One of the key factors contributing to this surge is the upward movement in the price of BTC, bringing it closer to the $70,000 range.
This price rise, in turn, led to a significant increase in transaction volume, reaching its highest levels in months.
AMBCrypto’s analysis of the volume chart on Santiment showed it surpassing $100 billion on the 5th and 6th of March. The last time such a volume level was observed was in November 2022.
IntoTheBlock attributed the fee increase not only to the price surge but also to the recent rise in Ordinals transactions.
How Ordinals transactions and fees have fared recently
AMBCrypto’s look at Ordinals’ inscriptions over the past week revealed a significant increase.
Starting with about 48,000 daily inscriptions at the beginning of the week, the number of daily inscriptions had surged to over 93,000 by the 8th of March.
Author: Adewale Olarinde
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