The price of Bitcoin slipped under $41,000 Monday morning, erasing the previous week’s gains as its rally cooled.

At time of publication, Bitcoin is trading at just over $40,600, down 2.9% in the last 24 hours and 3.9% on the week, according to data from CoinGecko.

The price slump comes as Bitcoin’s average transaction fee has surged to a yearly high of $38.43, per data from Ycharts.

The surge in transaction fees has been attributed to the growing popularity of Bitcoin Ordinals, a type of unique digital asset inscribed on a satoshi, the smallest unit of Bitcoin; according to a Dune Analytics inscriptions analysis dashboard by “@dgtl_assets,” miners earned just under $10 million in transaction fees from Ordinals on Saturday 16th December, and $8.4 million on Sunday 17th December.

High transaction

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Author: Decrypt Staff

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