With insights from CryptoFees, the exchange rate of Bitcoins increased at the start of May and was the highest in comparison with the last two years, stated Cointelegraph.
On May 3, 2023, the total fees paid on the Bitcoin-based blockchain was about $3.5 million, which is an increase of about 400% in comparison to last April, added Cointelegraph. As per reports from YCharts, the average exchange rate of Bitcoin clocks to $7.2.
It is expected that the current trend of memecoins such as Pepe Coin (PEPE) has resulted in the unwanted status of Bitcoin, eventually increasing the cost to the highest in the year. Reports from Galaxy Research, a research platform, revealed that 50% of all Bitcoin transactions on May 2 were related to BRC-20 transactions, added Cointelegraph.
According to reports by Cointelegraph, in spite of the current rise in Bitcoin transactions rate it is still not able to reach the all-time high rate levels. Furthermore, the highest rate of Bitcoin was seen in April 2021, Cointelegraph concluded.
(With insights from Cointelegraph)