Commission in the Bitcoin network reached a two-year high

Transaction fees on the bitcoin network have soared to almost $ 20. The last time they were at this level was in April 2021.

Fees are growing amid growing interest in the Ordinals protocol and increased demand for BRC-20 tokens issued on the BTC blockchain.

According to Ycharts, transaction fees reached $ 19.21 at the beginning of the week. Analysts noted that in April 2021, the fee soared to $ 62, which was due to the growth in the number of users who used cryptocurrency for the first time.

As for Ordinals, the protocol was released in January 2023 by developer Casey Rodarmore. On the BTC network, users were able to place non-fungible tokens using this update, which triggered a surge in transaction activity.

On the night of Tuesday, May 9, BTC dropped to $ 27,486. This week, the cryptocurrency’s capitalization fell by more than 5% to $ 532.373 billion. The pressure intensified after bitcoin failed to reach $ 30,000. Some analysts do not rule out the possibility of a pullback to $ 25,000 and further consolidation of the digital currency before a breakout.