The highest increase in Bitcoin transaction fees since the second quarter of 2021, according to IntoTheBlock, an on-chain analytics company, has occurred during the preceding quarter.
According to a chart posted by IntoTheBlock, total Bitcoin fees for this quarter came to $186 million, an increase of 316%. The surge is mostly being driven by activities with ordinals.
The hottest new thing in Bitcoin is ordinals. The Ordinals Protocol, which enables users to embed data into the Bitcoin blockchain, is used by Ordinal Inscriptions and NFTs.
According to Dune Analytics, inscription makers have already paid over $55,230,835 in fees. Currently, there are 14,363,646 inscriptions in total.
As lesser currencies experience losses, Bitcoin is on course to post its second straight quarterly gain, tightening its hold on the cryptocurrency markets.
With anticipation that BlackRock Inc., Fidelity Investments, and others would be successful in launching spot Bitcoin exchange-traded funds in the United States, the largest digital asset has increased by about 9% from April to June.
The development of ETFs by industry giants and other indications of institutional interest in cryptocurrencies have helped Bitcoin recover 86% by 2023.
Additionally, a worldwide cycle of monetary tightening is poised to come to an end, allaying some of the largest concerns about how increasing rates may affect morale. The price of bitcoin has significantly outperformed major stock indices since it started the year at about $16,000.
After hitting a new high for the year, Bitcoin quickly fell to a narrow trading range. Since reaching $31,410 last Friday, the currency has fluctuated by about $1,500.
The largest digital currency at the time of writing was up about 1.31% to $31,043. On Thursday, Fidelity Investments became the most recent business to apply for a Bitcoin ETF.
