2023-06-23 16:38:05
The past few days have brought a euphoric mood among BTC bulls, but once once more the blockchain might not keep up with demand and transaction fees nearly doubled. Parallel to the increase in fees, the number of transactions waiting to be processed also increased: 340,000 unconfirmed transactions are waiting in the memory pool. Due to the 13.15 million Ordinals Inscription NFTs on the Bitcoin blockchain, demand continues to keep network transaction fees high: the average fee for on-chain transactions is 0.00012 BTC, or $3.54 USD. This means that since June 18, 2023, average fees on the Bitcoin blockchain have increased by more than 92% – five days ago it cost $1.84 to complete an on-chain transaction. According to data from bitinfocharts.com, average fees have been above the $1 threshold since April 23: this year’s peak was reached on May 8, when $31 had to be paid for a single transaction. The increase in fees is now due to the simultaneous increase in the number of BTC transfers and Ordinal NFT activities. In addition to average transaction fees, median fees have also increased, standing at $1.60 at the time of writing. Median fees bottomed out at $0.694 on June 18, representing a 130% increase in five days. According to mempool.space, there are 340,000 unprocessed transactions at the time of writing. A high priority BTC transaction currently costs $1.59, while a medium priority costs $1.17 and a low priority is only $0.92. The fee for non-priority transactions is currently $0.50. Lightning Network capacity increased from 5,409 BTC to 5,431 BTC, an increase of 0.4%.
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