Bitcoin fees surge nearly 10x since August

As NFTs related to Bitcoin (called Ordinals) are on the rise, Bitcoin transaction fees have soared to their highest level since the Meme coin frenzy in May last year. BitInfoCharts data shows that the average transaction fee for using the Bitcoin blockchain today is $6.84, up about 970% from the low point of $0.64 reached in August. In a report on Wednesday, digital asset management company 21Shares pointed out that this surge is driven by an increase in the number of Ordinals being minted, with nearly 1.9 million Ordinals uploaded to the blockchain in the past two weeks.