{"id":597255,"date":"2024-03-11T07:20:15","date_gmt":"2024-03-11T07:20:15","guid":{"rendered":"https:\/\/wncen.com\/?p=597255"},"modified":"2024-03-11T07:20:15","modified_gmt":"2024-03-11T07:20:15","slug":"bitcoin-fee-shock-network-charges-double-amidst-excitement-of-70000-btc","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-fee-shock-network-charges-double-amidst-excitement-of-70000-btc\/","title":{"rendered":"Bitcoin Fee Shock: Network Charges Double Amidst Excitement Of $70,000 BTC"},"content":{"rendered":"

Bitcoin transaction fees have experienced an unprecedented surge, doubling in just one week, as the market rallies towards the coveted $70,000 mark. This surge cannot be solely attributed to the upward trajectory of Bitcoin’s price but is significantly influenced by the sudden rise in Ordinals transactions.<\/p>\n

Related Reading: Dogecoin Prospects Looking Good: Top Traders Predict $1 Price Tag<\/a><\/div>\n

Ordinals: A Driving Force Behind Fee Escalation<\/strong><\/h2>\n

Amidst the fervor of Bitcoin’s price rally, Ordinals<\/a> transactions have emerged as a driving force behind the surge in transaction fees. Our in-depth analysis reveals that Ordinals, which started the week with approximately 48,000 daily inscriptions, witnessed an extraordinary surge, surpassing 93,000 by March 8th.<\/p>\n

This surge in daily inscriptions has not only contributed to a substantial increase in fees, with the daily average fee standing at around eight BTC but has also added a staggering $3.8 million to the total network fees for the week.<\/p>\n

<\/p>\n

Bitcoin market cap currently at $1.3 trillion. Chart: TradingView.com<\/a><\/pre>\n
Bitcoin Fees Break Records, Reflecting Market Dynamism<\/strong><\/h2>\n
Bitcoin’s fee trend for the week has been nothing short of dynamic. While the initial daily fees stood at around 46 BTC, the momentum gained pace around March 5th, surging to an impressive 103 BTC. Towards the end of the week, the daily fee decreased slightly to around 40.7 BTC.<\/p>\n
Despite the decline, the overall trend indicates a significant increase in daily fees compared to the preceding week, showcasing the dynamism and resilience of the Bitcoin market.<\/p>\n
Bitcoin’s Ascent Towards $70K And Its Ripple Effect<\/strong><\/h3>\n
As Bitcoin teeters on the edge of the $70,000 price range, the cryptocurrency market is on the brink of a potential breakthrough. At the time of reporting, Bitcoin was trading at about $68,950, marking a 10% increase in the last seven days.<\/a><\/p>\n
\"\"Bitcoin price action in the weekly chart. Source: Coingecko<\/a><\/pre>\n
A Closer Look At Bitcoin’s Fee Surge<\/strong><\/h3>\n
Examining data provided by IntoTheBlock, it becomes evident that Bitcoin’s recent fee surge is not merely a consequence of its price rise. The notable increase in transaction fees, doubling compared to the previous week, is closely tied to the upward movement in the price of BTC.<\/p>\n
\n
Bitcoin fees more than doubled this week, with Ordinals-related transactions hitting a monthly high. pic.twitter.com\/YXh9oMMYSK<\/a><\/p>\n
\u2014 IntoTheBlock (@intotheblock) March 9, 2024<\/a><\/p><\/blockquote>\n
This movement has propelled transaction volumes to their highest levels in months, with NewsBTC\u2019s analysis revealing a staggering volume surpassing $100 billion on March 5th and 6th, a level not witnessed since November 2022.<\/p>\n
Related Reading: Shiba Inu Mania: Price Surges 60% As Burn Rate Heats Up Over 22,000%<\/a><\/div>\n
Ordinals’ Remarkable Contribution To Bitcoin Fees<\/strong><\/h3>\n
NewsBTC\u2019s detailed evaluation of Ordinals transactions over the past week sheds light on the remarkable contribution of this sector to Bitcoin’s escalating fees. With daily inscriptions skyrocketing and daily fees averaging around eight BTC, Ordinals has made a significant impact on the cryptocurrency landscape, contributing over $430 million in fees to date.<\/p>\n
Featured image from Karolina Grabowska\/Pexels, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin transaction fees have experienced an unprecedented surge, doubling in just one week, as the market rallies towards the coveted $70,000 mark. This surge cannot be solely attributed to the upward trajectory of Bitcoin’s price but is significantly influenced by the sudden rise in Ordinals transactions. Related Reading: Dogecoin Prospects Looking Good: Top Traders Predict $1 Price Tag Ordinals: A Driving Force Behind Fee Escalation Amidst the fervor of Bitcoin’s price rally, Ordinals transactions have emerged as a driving force behind the surge in transaction fees. Our in-depth analysis reveals that Ordinals, which started the week with approximately 48,000 daily inscriptions, witnessed an extraordinary surge, surpassing 93,000 by March 8th. This surge in daily inscriptions has not only contributed to a substantial increase in fees, with the daily average fee standing at around eight BTC but has also added a staggering $3.8 million to the total network fees for the week. Bitcoin market cap currently at $1.3 trillion. Chart: TradingView.com Bitcoin Fees Break Records, Reflecting Market Dynamism Bitcoin’s fee trend for the week has been nothing short of dynamic. While the initial daily fees stood at around 46 BTC, the momentum gained pace around March 5th, surging to an impressive 103 BTC. Towards the end of the week, the daily fee decreased slightly to around 40.7 BTC. Despite the decline, the overall trend indicates a significant increase in daily fees compared to the preceding week, showcasing the dynamism and resilience of the Bitcoin market. Bitcoin’s Ascent Towards $70K And Its Ripple Effect As Bitcoin teeters on the edge of the $70,000 price range, the cryptocurrency market is on the brink of a potential breakthrough. At the time of reporting, Bitcoin was trading at about $68,950, marking a 10% increase in the last seven days. Bitcoin price action in the weekly chart. Source: Coingecko A Closer Look At Bitcoin’s Fee Surge Examining data provided by IntoTheBlock, it becomes evident that Bitcoin’s recent fee surge is not merely a consequence of its price rise. The notable increase in transaction fees, doubling compared to the previous week, is closely tied to the upward movement in the price of BTC. Bitcoin fees more than doubled this week, with Ordinals-related transactions hitting a monthly high. pic.twitter.com\/YXh9oMMYSK \u2014 IntoTheBlock (@intotheblock) March 9, 2024 This movement has propelled transaction volumes to their highest levels in months, with NewsBTC\u2019s analysis revealing a staggering volume surpassing $100 billion on March 5th and 6th, a level not witnessed since November 2022. Related Reading: Shiba Inu Mania: Price Surges 60% As Burn Rate Heats Up Over 22,000% Ordinals’ Remarkable Contribution To Bitcoin Fees NewsBTC\u2019s detailed evaluation of Ordinals transactions over the past week sheds light on the remarkable contribution of this sector to Bitcoin’s escalating fees. With daily inscriptions skyrocketing and daily fees averaging around eight BTC, Ordinals has made a significant impact on the cryptocurrency landscape, contributing over $430 million in fees to date. Featured image from Karolina Grabowska\/Pexels, chart from TradingView<\/p>\n","protected":false},"author":557,"featured_media":597261,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,1119,6664,1742,87919],"class_list":["post-597255","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-btc","tag-crypto","tag-digital-currency","tag-ordinals"],"acf":[],"yoast_head":"\nBitcoin Fee: Network Charges Double Amidst $70k BTC Excitement<\/title>\n<meta name=\"description\" content=\"Bitcoin transaction fees have experienced an unprecedented surge, doubling in just one week, as the market rallies towards the coveted $70,000 mark. 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He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/wncen.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Fee Shock: Network Charges Double Amidst Excitement Of $70,000 BTC","url":"http:\/\/wncen.com\/news\/bitcoin-fee-shock-network-charges-double-amidst-excitement-of-70000-btc\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-fee-shock-network-charges-double-amidst-excitement-of-70000-btc\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/03\/a_66f491.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/03\/a_66f491.png?fit=1028%2C683"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","crypto","digital currency","ordinals"],"dateCreated":"2024-03-11T07:20:15Z","datePublished":"2024-03-11T07:20:15Z","dateModified":"2024-03-11T07:20:15Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Fee Shock: Network Charges Double Amidst Excitement Of $70,000 BTC\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-fee-shock-network-charges-double-amidst-excitement-of-70000-btc\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-fee-shock-network-charges-double-amidst-excitement-of-70000-btc\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/03\\\/a_66f491.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/03\\\/a_66f491.png?fit=1028%2C683\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"crypto\",\"digital currency\",\"ordinals\"],\"dateCreated\":\"2024-03-11T07:20:15Z\",\"datePublished\":\"2024-03-11T07:20:15Z\",\"dateModified\":\"2024-03-11T07:20:15Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/03\/a_66f491.png?fit=1028%2C683","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/597255"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=597255"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/597255\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/597261"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=597255"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=597255"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=597255"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}