[ad_1]
Bitcoin transaction charges surged in early Could, reaching their highest level over the previous two years, in keeping with information from Crypto Charges.
On Could 3, the whole quantity of charges paid on the Bitcoin blockchain reached $3.5 million, leaping about 400% from late April. The common Bitcoin transaction charge reached as a lot as $7.2, in keeping with YCharts.
The continuing buying and selling frenzy of memecoins like Pepe Coin (PEPE) has triggered an undesirable consequence for Bitcoin (BTC) — driving its transaction prices to multi-year highs.
The newest enhance in BTC transaction charges is primarily attributed to a surge in Bitcoin exercise involving BRC-20 transactions. In keeping with information from Galaxy Analysis, 50% of all Bitcoin transactions on Could 2 had been related to BRC-20 transactions.
Modeled after Ethereum’s ERC-20 token standard, BRC-20 is an experimental token customary permitting customers to concern and switch fungible tokens on the Bitcoin blockchain. The usual was launched in March 2023 by a pseudonymous on-chain analyst often known as Domo.
The BRC-20 token customary has rapidly become a major trend in the cryptocurrency industry, particularly amid the sharp progress of the PEPE memecoin. The token has rallied greater than 600% over the previous seven days, reaching its all-time excessive of $0.00000216 on Could 5.
The Bitcoin blockchain isn’t the one blockchain affected by the ongoing memecoin hype. Gasoline charges on the Ethereum blockchain have additionally been skyrocketing to new multi-month highs not too long ago.
On Could 2, ETH transaction charges hit an combination quantity of greater than $19 million, a stage not seen since Could 2022, in keeping with Crypto Charges. The Ethereum blockchain stays the most costly community when it comes to transaction charges on the time of writing.
Associated: Bitcoin miners have earned $50B from BTC block rewards, fees since 2010
Regardless of the newest spike in Bitcoin transaction charges, the present BTC transaction value continues to be removed from all-time excessive ranges. The highest Bitcoin transaction fees had been recorded in April 2021, when the common BTC transaction value virtually reached $70 amid a significant decline within the Bitcoin community hash fee. The earlier highest level in BTC transaction charges was in 2017, with transaction prices surging above $60.
Journal: Asia Express: Justin Sun’s SUI-farming sins, PEPE’s wild run, 3AC’s oyster philosophy
[ad_2]
Source link