Recent increases in Bitcoin on-chain transactions can be attributed to the BRC20 token standard, a text inscription method for deploying contracts and transferring tokens. This has led to a surge in activity, with the total number of text inscriptions surpassing the number of all other transactions combined. This has also impacted the Bitcoin fee market, with transaction fees paid to miners reaching an two year high of $3.5 million yesterday. Up to a third of all Bitcoin fees can be attributed to BRC20 transactions. It appears that users are finding new use cases for the network, coming up with creative ways to take advantage of the network's capabilities. This renewed interest in Bitcoin on-chain transactions may incentivize miners to support these ongoing transactions, allowing the network to continue to expand its capabilities.



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