In March 2023 Bitcoin's average and median-sized fees jumped more than 40% shifting 122% in 10 days during the first week of February. This fee increase was largely propelled by the Ordinal inscriptions trend, creating an unconfirmed Bitcoin transactions of 54,000. It is estimated that 662,000 inscriptions reside on the Bitcoin blockchain and 150 bitcoin worth $4.2 million have been added to the fees. Statistics from mempool.space show that the average BTC transaction cost was 0.000084 BTC, or $2.40 per transfer. Comparatively, at the beginning of February 8, 2023, the fee was $1.704 per transfer. Additionally, the median-sized fee rose 42.02% from $0.69 to $0.98 per transaction. Remarkably, on March 24 the median-sized fees gained an amount of $1.37 per transfer.

For perspective, the Ethereum (ETH) network has higher average and median-sized fees. Currently, the average ETH transaction fee is 0.003 ETH or $5.43 per transfer, and the median-sized ether fee today is 0.0014 ETH or $2.54 per transfer. However, some fee payments, at 6 satoshis per byte or $0.24 per transaction, are making it past the transaction queue. Consumer costs in this regard will differ due to the quick periodicity of the block intervals. Results previously displayed a rate of nine minutes and 33 seconds during the last 2,016 blocks which are now ranging between nine minutes and 50 seconds to ten minutes and 21 seconds.

In conclusion, Bitcoin's average and median-sized fees have increased considerably in March due to the Ordinal inscriptions trend, the network fee increase, and the high demand for the use of BTC. The prices are still lesser than the average and median-sized fees incurred in the Ethereum Blockchain, however, consumers can pay lower fees with some of the lighter payments. Ultimately, the block intervals have remained relatively quick which will affect individual transaction costs.



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