๐ฅBitcoin's on fire, folks!๐ฅ Transaction costs are soaring, hitting an average of $8.50 each. Why? Looks like our pals at Ordinals are back in action.
โข Daily Ordinals inscriptions have rocketed to over 162,000, compared to the monthly average of 90,280.
โข The daily inscription fee spend is at a whopping $1.24 million - a monthly high.
But it's not just Ordinals stirring the pot. The upcoming Bitcoin halving and the activation of the "Runes" protocol are also playing their part.
โข Halving will slash Bitcoin's supply inflation rate in half in about a week.
โข The "Runes" protocol, a new token standard on Bitcoin, is expected to drive trading activity and potentially push fees over $30 each.
But hey, it's not all doom and gloom. High fees = higher revenues for miners, which is a silver lining, especially with the halving on the horizon.
What's your take on this? Is the fee surge a temporary blip or a sign of things to come? Let's chat below! ๐ #Bitcoin #Ordinals #Halving #Fees #CryptoNews