Bitcoin fees up more than 2000% since August due to renewed interest in Ordinals
Bitcoin Ordinals are seeing renewed interest thanks to their recent listing on Binance.
Bitcoin transaction fees have risen to a six-month high amidst a resurgence in the popularity of Ordinals Inscriptions.
Data from BitInfoCharts reveals that Bitcoin’s average transaction fee has reached its highest point since May, surging over 2,000% since its August low of $0.64.
Per the data aggregator, an average BTC transaction would cost around $15.86 as of press time.
Ordinal Inscriptions are digital assets similar to NFTs inscribed on a satoshi, BTC’s lowest denomination. These assets had gained popularity earlier in the year and heralded Bitcoin’s foray into the NFT space. But interest in them soon faded as the market landscape evolved.