Ethereum

Bitcoin

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Bitcoin's transaction fees have <a href="https://app.intotheblock.com/coin/BTC/deep-dive?group=network&amp;chart=feesStats" rel="noopener noreferrer nofollow">reached</a> their highest levels in six months. Per data from IntoTheBlock, they experienced a massive surge over the last three months.
This sudden increase in fees is largely attributed to the growing interest in Bitcoin Ordinals, a novel application of the <a href="https://u.today/bitcoin-btc-might-never-go-below-30k-again-top-analyst-claims" rel="noopener noreferrer nofollow">Bitcoin</a> network.
<h2 id="bitcoin-s-fee-surge">Bitcoin's fee surge</h2>
The increase in Bitcoin's transaction fees is both sudden and substantial. Over the past 30 days, there has been a 484.78% increase in fees, and a staggering 1865.88% rise over the past 90 days.&nbsp;
However, these fees are still below the 2023 peak of $54.8 million reached on May 8.
The all-time high was recorded on Dec. 18, 2017, which was the peak of the cryptocurrency's first mainstream <a href="https://u.today/market-researcher-the-next-bull-run-will-be-even-bigger-bitcoin-to-soar-past-20000" rel="noopener noreferrer nofollow">bull run</a>. Back then, the fees surpassed a staggering $103 million.
<h2 id="ordinals-effect">Ordinals effect</h2>
As <a href="https://u.today/bitcoin-surpasses-ethereum-in-fees-first-time-in-years" rel="noopener noreferrer nofollow">reported by U.Today</a>, Bitcoin has now overtaken Ethereum in terms of transaction fees for the first time in three years. This change is largely fueled by the emergence of Bitcoin Ordinals.&nbsp;
These non-fungible tokens (NFTs), unique to the Bitcoin network, have garnered significant interest. This contributed to the rise in transaction fees.&nbsp;
Until recently, Ethereum held the top spot in transaction fees, thanks to its diverse range of decentralized applications and the popularity of its NFTs.&nbsp;
However, Bitcoin's resurgence, particularly in the context of Ordinals, is reshaping the landscape.
The increase in Bitcoin's transaction fees comes at a crucial time for miners, especially with the upcoming halving event, which will reduce block rewards. Higher fees may offset the decrease in block rewards, potentially accounting for a significant portion of <a href="https://u.today/bitcoin-miners-surpass-50-billion-in-total-revenue" rel="noopener noreferrer nofollow">miners' revenue</a>.

Bitcoin Fees Reach Highest Level in Six Months, Here's Why

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