of The price of Bitcoin It fell below $41,000 on Monday morning, erasing last week's gains as the rally cooled.
At the time of publication Bitcoin According to data from CoinGecko, it is trading at just over $40,600, down 2.9% in the last 24 hours and 3.9% for the week.
The price drop comes as Bitcoin's average transaction fee rose to a year-to-date high of $38.43, according to Ycharts data.
As transaction fees rise, Bitcoin Ordinals are becoming increasingly popular, a special type of digital asset modeled on the satoshi, the smallest unit of Bitcoin; According to “@dgtl_assets” on the Dune Analytics articles analysis dashboard, miners received less than $10 million in transaction fees on Saturday, December 16th, and $8.4 million on Sunday, December 17th.
High transaction fees due to ordinals also appear to be clogging up the Bitcoin network, with mempool.space indicating that less than 290,000 transactions are unconfirmed at the time of publication, and transaction fees below $1.37 have no priority.
Bitcoin average transaction fee. Source: Ycharts
Bitcoin's decline is mirrored in the broader crypto market, where the total market value of all cryptocurrencies fell 3.5% last day to $1.59 trillion, with every coin in the top 20 traded on CoinGecko on the day, barring. A stable coin. Avalanche Trading at $37.28, it's down more than 11 percent in the past 24 hours, leading losses in the 20s.
Ethereum, the second largest cryptocurrency by market capitalization, is currently around $2,100, down 4% on the day. Meme coins have been hit hard by the market crash, with Dogecoin Almost 8%, Shiba Inu decreased by 10% and Solana-based meme coin BONK 12% over.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and are not financial, investment or other advice.
Stay on top of crypto news, get daily updates in your inbox.
