Bitcoin Ordinals: Miner fees breaks new record, assessing the effects on BTC

Bitcoin Ordinals reaches unprecedented heights, breaking fee records and surging in popularity, while BTC price cautiously recovers with modest gains, charting its course.

revealed a staggering daily fee of over $5 million, indicating a promising upward trend in the daily fee chart. This surge in fees hinted at the potential for further growth.and BRC-20 transactions has left a significant imprint on miners’ fees, sparking a remarkable surge recently. As of this writing, the miner fees have skyrocketed by a staggering 11%, catapulting them to a level reminiscent of over two years ago.

Before this impressive surge, the fees had experienced a decline around June 2021, reaching a peak of approximately 3%.The surge in Ordinals transactions, coupled with the heightened demand for mining blocks, naturally increased miners’ activities and subsequent fees. However, the sustainability of this remarkable spike remains uncertain, leaving room for speculation and anticipation.While the Ordinals brought excitement to miners, the price of BTC has yet to mirror this enthusiasm.

Despite the optimism surrounding Ordinals and its impact on miners, the price of Bitcoin appeared to be navigating a different trajectory, displaying a more cautious and subdued movement.

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