Transaction fees on the Bitcoin Blockchain have reached a two-year high due to the growing popularity of BRC-20 tokens.
During the network congestion experienced in Bitcoin-based cryptocurrencies, the rise of network transactions in Litecoin drew attention. The network congestion in Bitcoin also caused Binance to suspend transactions twice in a day.
Transaction Increase in Litecoin Network Attracted Attention
According to Blockchain data from BitInfoCharts, on May 8, Litecoin processed more than 525,000 transactions per day, approaching Bitcoin’s 575,000 daily transactions. Compared to earlier this year, the average number of transactions on the Litecoin Blockchain has increased by five times. This increase is more than double the previous all-time high near the peak of the bull market in January 2018.
This development occurred due to extreme congestion in the Bitcoin Blockchain, the largest cryptocurrency by market cap. The craze in Bitcoin-based BRC-20 tokens has enabled users to use the Ordinals Protocol, a token standard that allows users to create and transfer tokens on the Bitcoin network. But the growing popularity of BRC-20 tokens has caused Bitcoin transaction fees to reach their highest levels, and Binance, the world’s largest crypto exchange, had to temporarily halt Bitcoin withdrawals early Monday.
