Bitcoin blockchain fees have reached their highest point in two years due to increased demand for block space driven by the rising popularity of the Ordinals protocol and BRC-20 tokens. The average transaction fee on the Bitcoin network was just under $20 during European hours on Monday, a significant increase from last week's average of $1.20. The number of non-fungible tokens tied to the Bitcoin blockchain has surged above 3 million, with inscriptions functioning on the Ordinals Protocol. Despite a drop in prices, BRC-20 tokens on Bitcoin are seeing millions in trading volumes, indicating an increase in Bitcoin velocity. However, network congestion has briefly caused problems at crypto exchanges such as Binance, which paused bitcoin withdrawals twice over the weekend.
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