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- Bitcoin’s transaction fees rose by 26% due to Inscription transactions.
- According to Glassnode, the share of Inscription fees is notably high at 62%.
This week, Bitcoin has garnered significant attention. However, the transaction fees for Bitcoin (BTC) have increased by 26%, attributed to Inscription transactions. This rise has been noted over a trading period of 12 days, reflecting a 10.8% increase over 111 days, indicating a larger relative share.
Inscription Transaction Records
Through Glassnode’s analysis, the Inscription fee share has been evaluated for the year to date. This has resulted in a peak share of 62% with a record exceeding $30,000. Meanwhile, the dominance of fees is observed to be lower than the total shares of all transaction fees.
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Inscriptions Fee Share (Source: Glassnode)
Nonetheless, the total fees for Bitcoin have surpassed 1,413 BTC, valued at over $38 million based on current market prices. Throughout the year, the cumulative fees have shown considerable variability in response to fluctuations in BTC prices. However, May has recorded a notable increase in cumulative fees.
Inscriptions Cumulative Fees (Source: Glassnode)
Conversely, Bitcoin is currently trading at $26,940.56, reflecting a 0.05% increase over the past 24 hours according to CoinMarketCap. Recent analyses indicate a bearish trend for Bitcoin following a peak of $29,849.33 noted on April 26, 2023. The trading volume stands at $6,781,402,562, with a circulating supply of 92.28% in the crypto market.
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