Bitcoin Fees Soar to 2-Year High of $37.58 Per Transaction Due to NFT Craze
• Bitcoin fees have soared to highest level in over 2 years, now averaging $37.58 per transaction • The fee spike is attributed to a surge in interest and activity around Bitcoin-based NFTs called Ordinals • Ordinals are taking up blockspace, leaving less room for regular BTC transactions, causing fees to rise • Some argue the Bitcoin blockchain should prioritize peer-to-peer payments over other uses like Ordinals • Bitcoin fees hit an all-time high of $62.77 per transaction in April 2021 amid a bull run when BTC price hit $57,000