I don’t have real-time information, and my knowledge was last updated in January 2022. If a BRC-20 token has experienced a significant surge and there are reports of the Bitcoin network crashing, it’s crucial to verify this information from reliable news sources or official announcements.
Cryptocurrency markets can be volatile, and sudden price movements or network issues can occur. If you are seeking the latest information, check reputable cryptocurrency news websites or official channels associated with the BRC-20 token and the Bitcoin network for accurate updates on any developments.
The surge in BRC-20 tokens has led to a tremendous increase in activity on the Bitcoin network. According to Dune Analytics, minting of BRC-20 tokens surged by more than 450,000 per day earlier this week.
This results in network congestion, as the system has difficulty processing the increasing volume of transactions. The consequence is that a large number of unconfirmed transactions pile up, creating a challenge for users seeking quick transaction confirmation.
Mempool, Bitcoin’s waiting room for transactions, recorded more than 280,000 unconfirmed transactions with mempool usage soaring to 1.57 GB.
These backlogged transactions also lead to increased transaction fees that range between US$14 and $16.50, depending on priority. This spike in fees has sparked concerns among users regarding the cost-effectiveness and efficiency of the Bitcoin network.
When this article was released, congestion on the Bitcoin network was starting to break down with the number of unconfirmed transactions at 260,413 and menpool usage dropping to 1.54 GB.
BRC-20 Tokens Rise Congregately
Image: Tokens on the BRC-20 network.
Meanwhile, tokens on the BRC-20 network have experienced an increase in valuation and price. The Ordinals (ORDI) BRC-20 token has surpassed a market value of US$1 billion, experiencing a significant price increase to an all-time high of US$65.18.
Multibit (MUBI), the first double-sided bridge designed to ease cross-network transfers between BRC20 and ERC20 tokens has risen 1,500% so far this year and 295% in a week. The MUBI token also touched its highest price at US$0.09 on December 6, 2023.
Paradoks Harga Bitcoin
Anehnya, di tengah tekanan dan kemacetan jaringan, Bitcoin sendiri telah mencapai titik tertinggi baru pada tahun 2023, mencapai US$44,367 selama sesi perdagangan Asia.
Pergerakan paradoks ini menunjukkan bahwa meskipun terdapat tantangan yang ditimbulkan oleh lonjakan token BRC-20, Bitcoin terus menjadi kekuatan yang tangguh dalam lanskap mata uang kripto yang terus berkembang.
Bitcoin Price Paradox
Surprisingly, amidst network stress and congestion, Bitcoin itself has reached a new high in 2023, reaching US$44,367 during the Asian trading session.
This paradoxical move shows that despite the challenges posed by the surge in BRC-20 tokens, Bitcoin continues to be a formidable force in the ever-evolving cryptocurrency landscape.
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