- Bitcoin Ordinals breaks records with daily fees paid to miners reaching over $1.4 million.
- BTC price shows a different trajectory with modest gains of less than 1%.
The Bitcoin [BTC] phenomenon continued to rise as it went to press, breaking new ground with each passing moment. A similar surge in popularity has propelled Bitcoin Ordinals to unprecedented heights.
Read Bitcoin [BTC] Price Forecast 2023-24
The latest data from Ordinals showed a remarkable milestone for Bitcoin’s non-fungible tokens [NFTs]. On this exciting wave, miners are reaping the rewards of their labor on the network and embracing the winds of change with open arms.
Bitcoin Ordinals breaks records
Leonidas’ mail on May 6 brought astonishing news of the tremendous heights reached by Ordinals. The daily fees paid to miners broke all previous records and even surpassed the grand $1.4 million.
Ordinals just reached an ATH of $1,496,175 paid to miners in one day.
This destroys the prior ATH of $803,635 from 4 days ago. pic.twitter.com/pQwog8yAo9
— Leonidas.og (@LeonidasNFT) May 6, 2023
Per Dune analysis, this remarkable achievement effortlessly surpassed the latest all-time record of over $800,000. The increase in value was not limited to fees alone as Ordinals trading volume soared to an all-time high, surpassing the astonishing $9.2 million.
The number of daily active users also experienced a strong increase, surpassing the remarkable milestone of 6,000. This exponential growth in fees had a ripple effect on Bitcoin’s overall cost accrual. Crypto charges revealed a staggering daily fee of over $5 million, indicating a promising upward trend in the daily fee chart. This increase in fees indicated the potential for further growth.
Bitcoin miners are feasting on a spike in fees
The impact of Ordinals and BRC-20 transactions has left a significant mark on miner fees, leading to a notable increase recently. At the time of writing, miner fees have skyrocketed by a whopping 11%, catapulting them to levels reminiscent of over two years ago.
Before this impressive increase, fees had fallen around June 2021 and peaked at around 3%.
Source: Glassnode
The increase in Ordinals transactions, coupled with the increased demand for mining blocks, naturally increased miner activity and subsequent fees. However, the durability of this remarkable spike remains uncertain, leaving room for speculation and anticipation.
How much are 1,10,100 BTC worth today?
BTC price sees a different trajectory
While the Ordinals excite miners, BTC’s price has yet to reflect this enthusiasm. At the time of writing, Bitcoin was recovering from a recent drop in value during the previous trading period. It traded at around 28,900, with a modest gain of less than 1%.
Despite the optimism surrounding Ordinals and its impact on miners, Bitcoin’s price seemed to take a different trajectory, moving more cautiously and subdued.