Bitcoin Network Reaches New Transaction All-Time High As Fees Surge Due To BRC-20 Tokens

Yesterday the Bitcoin blockchain processed more than 682000 transactions and reached a new all-time high, surpassing the previous record 0f 490459 from the 2017 rally.The surge in activity is also reflected in the on-chain fee market. At post time, the estimated low priority transaction fee is over 100 sat/vB or more than $4, according to mempool.spaceThe new activity record is fueled by renewed Ordinals hype following the surging interest in BRC-20 tokens. The total amount of inscriptions have surpassed 3 million yesterday, with a new daily record of 372832.Source: Dune Analytics.The vast majority of these inscriptions were text-based.Source: Dune Analytics.These inscriptions were mostly BRC-20 tokens. The total amount of BRC-20 tokens “inscribed” into Bitcoin surpassed 8550 today, and they currently “have a market cap” of more than $123000.BRC-20 token is an experimental fungible token standard, created using Ordinals and inscriptions of JSON data to deploy token contracts, mint them, as well as transfer tokens, per The Bitcoin Manual.Source: BRC-20.ioAccording to Glassnode, these inscriptions represented approximately 30% to 40% of mined transactions and approximately 10% to 20% of total fees paid.Bitcoin transaction fees are designed to be a dynamic free market based on demand. Transactions paying higher fees are confirmed first.

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