Date: 2023-05-09T15:55:03Z Creator: Bitfolio Academy
In the past two weeks, Bitcoin has exploded! Transactions have DOUBLED and transaction fees have gone up 10x! So much so, that Binance was forced to halt Bitcoin withdrawals for a total of four hours! This surge in activity is credited to the influx of Ordinals, NFTs, and BRC-20 tokens on the Bitcoin blockchain.
BRC-20 tokens are based on Ordinals, and they were launched in March of 2023. To date, over 14,000 BRC-20 tokens have been created with a market cap that exceeds $1 billion. ORDI or ordi is the most popular BRC-20 token with a market cap of $477 million and a 24-hour trading volume of $200 million. Just in the last couple of days, there have been close to 1m BRC-20 transactions on the Bitcoin blockchain.
But, Bitcoin transaction fees have risen from $2 to $30 in less than 2 weeks.
Let me know in the comments. 🤔
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