Bitcoin Value Rises, BRC-20 Tokens Gain Popularity Amid Network Congestion

Share on Facebook Share on Twitter

Increasing Activity in the Bitcoin Network: What Does This Mean for BTC Price?

Over the past week, there has been increased activity in the Bitcoin network, leading to a 61% rise in total fees. This increase was caused by the recent value growth of BTC and the rising acceptance of BRC-20 tokens and text-based inscriptions in the Bitcoin network.

The Impact of BRC-20 Hype on the Bitcoin Network

The increased activity is due to the double-digit rise in BTC value over the past week and the recent increase in acceptance of BRC-20 tokens and text-based inscriptions in the Bitcoin network. At the time of publication, BTC was trading at an 18-month high of $44,261. Over the past week, the coin’s value has increased by 14%. This is due to the growing demand for the leading coin, whose price has risen to new highs.

Increased Interest in BRC-20 Tokens

Over the past week, there has been a high interest in BRC-20 tokens in the BTC network. For example, the meme coin Ordi [ORDI] became the first BRC-20 token to surpass a market capitalization of $1 billion this week. Similarly, its price reached an all-time high of $63 during the same period.

alert-circle
You can also find us on Telegram: Click here to follow our Telegram channel.

Rising Fees and Network Congestion

The high activity around the BRC-20 tokens this week led to the Bitcoin network being overloaded with unconfirmed transactions, clogging the mempool. On December 6, data from mempool.space showed that the mempool, the temporary storage area for pending transactions, reached 1.54 GB, a value significantly above the capacity of 300 MB.

Future Outlook and Price Forecast

In the coin’s futures market, open interest continues to rise. At $19.7 billion, BTC’s open interest is currently at its highest level since April 2022. The increase in open interest means that more traders are entering the market and opening new positions.

Conclusion

The increasing activity in the Bitcoin network and the rise in BTC price indicate a positive trend. However, it remains to be seen how the situation will further develop and what impact this will have on the price of Bitcoin.

Sources: IntoTheBlock, CoinMarketCap, BitInfoCharts, Coinglass, mempool.space

Share on Facebook Share on Twitter

The 3 best cryptocasinos

Up to 1 BTC + 100 Free Spins
First Deposit Bonus
9.9
/ 10
Very good
Play now

T&Cs Apply, 18+

Bets.io review
Cryptocurrencies (12)
  • Bitcoin Logo
  • usd-coin-logo
Bets.io review

Bonus information

Bonus code: BETSFTD
Wagering requirements: 40x the bonus amount
40x the winnings from free spins
Minimum deposit: 20 USDT or equivalent
Bonus validity: 14 days
  • Maximum bet per round while wagering: 2 USDT – 0.000066 BTC , 0.01 BCH, 0.0011 ETH, 0.02 LTC, 40 DOGE, 2.8 XRP, 25 TRX, 6.6 ADA, 0.008 BNB, 2 BUSD, 2 DAI, 2 EUR – 2 USD.
  • Bonus must be used within 30 days of registration.
Why we like this casino

Bets.io is an impressive crypto casino that boasts a variety of games and renowned software providers. The website is easy to use and offers a wide selection of games, which makes the gaming experience particularly enjoyable. Furthermore, the customer service is available 24/7. They are highly competent, ensuring a reliable and trustworthy service.

Last update by Isabella Brown (iGaming expert for > 10 years) on 19. February 2024
Curaçao
Licence
100% up to 1 BTC
Welcome Bonus
9.9
/ 10
Very good
Play now

T&Cs Apply, 18+

Metaspins review
Cryptocurrencies (9)
  • Bitcoin Logo
  • usd-coin-logo
Metaspins review

Bonus information

Wagering requirements: 25x deposit & bonus
Minimum deposit: 0,1 mBTC
Bonus validity period: 7 days
  • Bonus & deposit must be wagered 25x
  • Max amounts: 1 BTC/10 ETH/10,000 USDT/10,000 USDC/100 BCH/200,000 TRX/35,000 ADA/150 LTC/125,000 DOGE
  • 7 days to wager
  • Minimum deposit: 0.1 mBTC
  • Slots 100%, game shows 50%, other 0%
Why we like this casino

Metaspins is still a very young crypto casino, but it can already convince with a very modern website, a good selection of games and, above all, an excellent bonus.

Isabella Brown
Last update: 19. February 2024
100% up to 1 BTC + 100 Free Spins
Welcome bonus
9.9
/ 10
Very good
Play now

T&Cs Apply, 18+

Empire.io review
Cryptocurrencies (9)
  • Bitcoin Logo
Empire.io review

Bonus information

Bonus Code KC100
Wagering requirements Bonus must be wagered 40x
Winnings from free spins must be wagered 40x
Minimum deposit 30 USDT or equivalent
Maximum bet €5 per round
Bonus currency Only with BTC and USDT deposit
  • The free spins are given on Sweet Bonanza.
  • VERY IMPORTANT: The bonus is only available when depositing with these methods: BTC & USDT.
  • To take advantage of the offer, change your wallet to mBTC (μBTC) or USDT and activate the bonus by clicking on “Redeem Bonus” and entering the bonus code.
  • Only the first deposit counts for the bonus.
Why we like this casino

We absolutely recommend Empire.io since it has one of the best crypto teams we know behind it. On top of that, it offers an extensive selection of slots and live games. The bonus is also exceptional with good conditions.

Last update by Isabella Brown (Nerd of Numbers) on 19. February 2024
Curaçao
Licence

Latest News

Paula Winkler

Created by

After over 6 years in print journalism, I stumbled into the iGaming niche in 2017. One thing became evident to me quickly: Online Casino Reviews need more transparency! I joined the Kryptocasinos.com Team in 2023 and are the main expert for all topics related to „Player Security“.
In my private life, I am an active member of the volunteer fire department and enjoy the outdoors with my dog Ruby.
Reviewed by
Nerd of Numbers

Last update: 19. February 2024

🍪
We use cookies. By using this site, you accept them.