Over the weekend, Bitcoin's blockchain experienced a surge in volume due to transactions involving BRC-20 Ordinals, a new standard for issuing fungible tokens on Bitcoin. This caused network fees to increase significantly, with transaction fee revenue for miners briefly surpassing the natural block subsidy for the first time since 2017. Data shows that over 3.7 million BRC-20 Ordinals transactions have occurred, indicating a recent surge in activity related to new fungible assets created by the BRC-20 standard. This has resulted in a highly competitive fee market, with the average Bitcoin transaction fee skyrocketing to $19.21 as of Monday.
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