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On Sunday morning U.S. time, Binance, the biggest cryptocurrency exchange in the world, halted bitcoin (BTC) withdrawals temporarily due to the Bitcoin blockchain being flooded with pending transactions and exorbitant fees.
Within two hours of its initial Twitter announcement about the withdrawal pause, the company resumed allowing withdrawals.
Recent on-chain data reveals that the number of unconfirmed Bitcoin transactions has reached an unprecedented level, with nearly 400,000 pending transactions. This figure is higher than anything witnessed during the previous bullish cycles of 2018 and 2021, indicating a significant backlog in the processing of Bitcoin transactions.
Since March, the average transaction fee for Bitcoin has doubled, soaring to a level not seen in the past two years. At present, the transaction fee stands at slightly above $8, reflecting a 309% increase compared to the same time last year.
“This current fee spree is an anomaly,” CoinDesk previously quoted Colin Harper, head of content at Luxor Technologies, a full-stack Bitcoin mining pool. “Biggest difference now between this jump in transaction fees and past ones with inscriptions is that BRC-20 standard is a new way to inscribe. Adoption of this standard is driving fees up.”
The BRC-20 standard Bitcoin ordinal inscription tokens have gained significant traction in the market, with around 14,000 of them currently in circulation. The combined market capitalization of these tokens stands at an impressive $482 million, highlighting the growing interest in these digital assets.
As of now, Bitcoin is being traded at $28,935, reflecting a decline of 0.15% in the past 24 hours.
Source Coindesk
