Home CryptocurrencyBitcoin Bitcoin Transaction Fees Flip Ethereum’s as Ordinals Hype Returns

Bitcoin Transaction Fees Flip Ethereum’s as Ordinals Hype Returns

by SuperiorInvest

Average daily transaction fees in Bitcoin (BTC) have changed with Ethereum following a flurry of Ordinals-related activity on the Bitcoin network.

On November 20, the average daily transaction fee for Bitcoin stood at $10.34, while Ethereum transaction fees averaged $8.43, according to data from BitInfoChart.

Bitcoin’s average daily trading fee hit a new six-month high on November 16, peaking at $18.67, while Ethereum fees hit $7.90.

Bitcoin’s average daily fees have surpassed Ethereum’s over the past five days. Source: BitInfoCharts

The sudden spike in Bitcoin transaction fees is due to a renewed market appetite for assets enrolled with the Ordinals Protocol, a tool for creating non-fungible token (NFT)-like assets and BRC-20 tokens on Bitcoin.

Following a major lull in activity between September 25 and October 23, Ordinals-based assets saw a dramatic rebound starting in late October, according to data from Dune Analytics.

The number of ordinal registrations has increased by more than 6 million since the end of October. Source: Dune Analysis

Related: Bitcoin Ordinals Team Launches Nonprofit to Grow Protocol Development

Since October 24, over 6 million Ordinal assets have been created, resulting in over 800 BTC in fees, worth $30 million, being redistributed to the network.

The surge in Ordinals registration activity was compounded when ORDI, the second-largest BRC-20 token by market cap, was listed on Binance on November 7. The listing sparked a broader wave of BRC-20 buying activity by traders at the ORDI price. The token jumped just over 50% on the day.

Additionally, on November 17, the Ordinals-based Taproot Wizards project Announced a seed round of $7.5 million.

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