According to BlockBeats, on April 12th, Bitcoin network transaction fees have seen a significant increase, currently reaching 196 Sat/byte for medium priority. This surge may be related to a substantial increase in the trading volume of BRC-20 protocol tokens.
The BRC-20 protocol is a technical standard used for smart contracts on the blockchain for implementing tokens. The increase in trading volume of these tokens could be contributing to the rise in transaction fees on the Bitcoin network.
However, it is important to note that while there seems to be a correlation, further investigation is needed to confirm the exact cause of the surge in Bitcoin network transaction fees. The relationship between the trading volume of BRC-20 protocol tokens and Bitcoin transaction fees is complex and can be influenced by a variety of factors.