Bitcoin transaction fees down 96 percent

In May, ordinals caused high transaction costs in the Bitcoin network. At the time, a transaction sometimes cost as much as US $30. However, the mempool is now empty again. Therefore, Bitcoin transaction fees have dropped by about 96 percent, according to data from the Week On-chain Report.

As a result, the average transaction cost is US$1.33 and the median decreased to US$0.16. There are two reasons for the decreased transfer fees. On the one hand, interest in the Ordinals is stagnating. On the other hand, the modified version of the BRC-20 standard dramatically lowers the cost of registering ordinals.

Nevertheless, Bitcoin NFTs remain the subject of controversy. Proponents are enthusiastic about the blockchain's expanded capabilities. Opponents criticize that the network is unnecessarily overloaded.