The average commission on the Bitcoin (BTC) network exceeded $37, reaching a yearly high.
The increase in blockchain fees was caused by another wave of activity in the Ordinals segment. This has led to increased demand for block space.
A similar situation happened in April-May 2023. At that time, after the popularization of inscriptions — notes that can be inscribed onto the Ordinals blockchain — the average commission reached $19. Then, the demand for Bitcoin NFTs fell, but grew again in Q3 2023.
Commission increases occurred due to the high demand for inscriptions on the Ordinals network.
The number of these tokens and the volume of commissions show a steady upward trend.
The beneficiaries were miners whose income jumped to the levels of Bitcoin quotes at historical highs of around $69,000.