Journalist
Posted:
- Data from Mempool showed more than 560,000 unconfirmed Bitcoin transactions.
- Bitcoin fees have surged to their highest level in nearly a month.
Bitcoin enrollment is not a declining trend, as evidenced by recent Mempool data. In addition, Ordinals have recently experienced a resurgence in activity. However, has this increase in the number of network transactions affected the associated costs?
Read Bitcoin’s [BTC] Price Forecast 2023-24
Unconfirmed transactions pile up on Bitcoin
Recent data from Mempool indicated that Bitcoin was struggling with over 500,000 unconfirmed transactions at the time of writing. At the time of this report, this number rose to approximately 568,000.
In addition, memory usage exceeded the typical 300 MB capacity, reaching 1 GB. This sudden rise in the number of unconfirmed transactions and increased memory usage can be attributed to the renewed upward trend in Ordinals inscriptions.
Bitcoin Ordinals Revives
According to data from Dune Analytics, Bitcoin Ordinals inscriptions are constantly emerging. The data shows that the total number of registrations since the last update has exceeded 29.3 million. In addition, the chart showed that September saw the second highest daily enrollments, with more than 418,000 registered enrollments. However, at the time of writing, daily inscriptions have dwindled to about 240,000.
In addition, there has recently been a modest increase in fees generated by Bitcoin Ordinals subscriptions. While the trend in fees has been relatively stagnant over time, cumulative fees collected to date have exceeded $50.8 million. But the main question remains: has this recent development had any noticeable impact on the overall rate development within the network?
Impact on Fees
According to data from Crypto chargesAt the time of writing, Bitcoin had the second highest daily and weekly fees of any other chain. Daily fees had risen to over $777,000, while weekly fees had reached over $638,000.
A closer look at Bitcoin’s fee analysis revealed that the current daily fee was the highest the network had seen in nearly a month. The last time it reached a level above the current fee was on August 8, when fees crossed $800,000.
Source: Crypto Charges
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However, it is essential to note that despite this recent upward trend, fees remained relatively low compared to earlier in the year. While the daily Ordinals inscriptions still witnessed significant activity, their impact on fees has diminished significantly over time.
