Bitcoin transaction fees surge: This is what fueled the BTC uptrend

Bitcoin's transaction fees surge to a new high, with contributions from Ordinals inscriptions and BRC-20 transactions. BTC's trend remains bullish, trading at around $29,100.

The Ordinals and BRC-20 effect

According to Dune Analytics, there has been a recent surge in activity for both Ordinals and BRC-20 transactions. On 4 May, there were more than 188,000Additionally, the Ordinal inscription fee on 4 May was over 14.9 , equivalent to over $431,000. These two transaction fees combined contributed over $800,000 to the total Bitcoin transaction fees on 4 May. As of this writing, BRC-20 fees stand at over three BTCs, while Ordinal fees are over 5 BTCs.was over 3.7 million, with a new daily transaction record of over 372,000 set on 1 May. The total fees associated with these transactions currently stood at over $9.1 million, with a new daily transaction fee of over 28 BTCs recorded on 1 May.

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