Bitcoin Transaction Fees Soar. Bitcoin transaction fees in early May 2023 reportedly experienced a sharp jump to reach 3.5 million US dollars, up 400 percent when compared to transaction fees in the previous month.
This was revealed by the Bitcoin asset trading platform, Crypto Fees. The report explains that the average Bitcoin transaction fee this month has reached its highest point in the last two years. The swelling in transaction fees charged by Bitcoin has occurred as a result of soaring Bitcoin activity involving BRC-20 transactions.
According to data from Galaxy Research, nearly 50 percent of all Bitcoin transactions on May 2 were tied to BRC-20 transactions. Because Bitcoin storage via the BRC-20 protocol requires a lengthy process, the result is that Bitcoin transaction fees are pegged more expensive.
The Bitcoin blockchain isn’t the only crypto token to experience a surge in transaction fees this year, according to Cointelegraph monitoring Ethereum’s gas or transaction fees have also skyrocketed to their highest level in recent months.
As of May 2 yesterday, the Ethereum crypto transaction fee reached its highest price, which was pegged at around 19 million US dollars, this amount being the highest since May 2022.
Not only that, the transaction fees charged by Shiba Inu tokens have also increased, so that the transaction price of this puppy meme coin in a year reaches 7 billion US dollars. The increase in transaction fees charged by SHIB has made this meme coin with the image of a puppy rank as the most expensive digital coin in the cryptocurrency industry.
Even though the transaction fees for cryptocurrency coins such as Bitcoin, Ethereum to Shiba Inu have experienced price spikes. However, this did not necessarily discourage investors from adopting crypto assets.
Bitcoin Transaction Fees Soar. The restoration of investor confidence then triggered positive growth in crypto assets, so that in the last week the global crypto market capitalization increased 1.27 percent to reach US$1.16 trillion.