Bitcoin’s Inscription Fee Share Peaks at 62%

• Bitcoin’s transaction fees increased to 26% from Inscription transactions.
• As per Glassnode, the Inscription fee share is high at 62%.

Over this week, Bitcoin has been the talk of the town. However, the transaction fees of Bitcoin (BTC) are getting increased by 26% which is derived from the Inscription transactions. This increase is recorded over trading on 12 days of 10.8% in 111 days, terming a larger relative share. 

Inscription Transaction Records 

Through Glassnode, the Inscription fee share is analyzed over the year so far. This has entitled a maximum share of 62% with a record of more than 30,000 dollars. Meanwhile, the fee dominance is noted as lesser than the shares of all transaction fees. 

Nevertheless, the cumulative fees of Bitcoin have recorded more than 1,413 BTC in total worth more than $38 million as per the current market price. Over the year, the cumulative fees are predominantly uncertain with subsequent changes in the BTC price. However, in May, the effective increase in cumulative fees is recorded. 

On the other hand, Bitcoin is traded at $26,940.56 with an increase of 0.05% over the last 24 hours as per CoinMarketCap. Over the last few days of analysis, Bitcoin seems bearish from a peak of $29,849.33 recorded on April 26, 2023. And, the trading volume marks $6,781,402,562 with a 92.28% circulating supply on the crypto market.

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