Bitcoin transaction fees have reached their highest level in two years, surging to $3.5 million on May 3, up 400% from late April, according to data from CryptoFees. The average Bitcoin transaction fee reached $7.2, largely attributed to a surge in Bitcoin activity involving BRC-20 transactions. BRC-20 is an experimental token standard that allows users to issue and transfer fungible tokens on the Bitcoin blockchain, and its popularity has grown amid the sharp growth of meme coin Pepe. Ethereum's gas fees have also been skyrocketing to new multi-month highs, hitting an aggregate amount of over $19 million on May 2, the highest level since May 2022.
(By HELEN PARTZ)
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