Bitcoin has seen an increase in transaction fees and unconfirmed transactions, raising concerns about a denial-of-service attack. Bitcoin analysts and observers have allayed these anxieties, with average transaction fees currently standing at $19.20 and a backlog of 459,341 transactions. According to industry observers, this is the first time this has happened since 2017. The increase in Ordinals inscriptions has been related to the surge in activity and block space need. On May 7, 75% of Bitcoin on-chain transactions used Taproot, setting a new high.
Crypto Twitter believed that the congestion was caused by a denial-of-service assault, however, analysts pointed out that it was caused by demand rather than a deliberate attack. On May 8, Binance again banned Bitcoin transactions.
