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Bitcoin transaction fees plummet as Ordinals hype fizzles out

Bitcoin transaction fees plummet as Ordinals hype fizzles out

After the public’s interest surrounding the BRC-20 tokens that use Ordinals inscription to store new tokens on top of satoshis brought Bitcoin (BTC) network fees to the highest level since May 2021, the fees now seem to be returning to their pre-hype level.

Indeed, the surge that saw average fees of miner processing and confirming Bitcoin transactions soar to over $30 per event on May 8 has now plummeted to a mere $3.76 per transaction, according to a tweet and chart shared by Twitter user Bitcoin Archive on May 15.

Bitcoin transaction fees. Source: Bitcoin Archive

As the chart retrieved from analytics platform Ycharts indicates, current Bitcoin processing fees represent an 87.84% drop from the May 8 peak and are lower than on May 2, when the fee for one transaction on the blockchain stood at $7.15, although their current amount is still higher than $2.95 from May 1.

Meanwhile, despite rising network fees at the time, Bitcoin had witnessed a significant uptrend in daily transactions, reaching a new all-time high (ATH) and breaking the record set more than five years ago, as Finbold reported on May 3.

Interestingly, Enrico Rubboli, the CEO of Bitcoin sidechain and scaling solution Mintlayer, believes that BRC-20 tokens are nothing more than “shitcoins” and “the latest implementation of fool’s gold, dressed up in an attractive wrapper that belies its lack of value,” as he wrote in his op-ed on May 9.

Bitcoin price analysis

As things stand, the flagship decentralized finance (DeFi) asset was at press time trading at the price of $27,374, recording an increase of 2.16% on the day as it tries to erase the losses of 2.09% over the previous week and the accumulated drop of 10.05% in the last month.

Bitcoin 24-hour price chart. Source: Finbold

At the same time, crypto analyst El_crypto_prof, a.k.a. Moustache, has observed that Bitcoin’s price action followed a pattern of higher highs and higher lows that often led to a parabolic rally, suggesting that Bitcoin could achieve a new ATH before 2025.

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