Bitcoin Network Fees Skyrocket Nearly 1,400% in November As Ordinals Inscriptions Dominate Top Blockchain - The Daily Hodl

The Daily Hodl
The Daily Hodl

19 Nov 2023 3:30 PM

Bitcoin (BTC) network fees are seeing a massive surge in November as demand for ordinals floods the leading blockchain....

  • Bitcoin (BTC) network fees have experienced a significant surge in November due to increased demand for ordinals.
  • BTC's transaction fees rose from $779,549 at the beginning of the month to a peak of $11.63 million on November 17th, a 1,391% increase.
  • Ordinals on the BTC network allow users to attach digital assets to a single satoshi, creating non-fungible tokens (NFTs).
  • Data from Dune Analytics shows that ordinals have dominated BTC transactions in November, with text inscriptions being the most common.
  • There have been 41,666,862 ordinal inscriptions to date, generating fees of 2,809.5313 BTC worth $102,901 million.
  • The token associated with BTC's ordinal protocol, ORDI, is showing signs of bullish momentum, according to a crypto analyst.
  • ORDI is currently trading at $23.80, with a 4.75% increase in the last 24 hours, while BTC is trading at $36,704.

The article provides information about the surge in Bitcoin network fees due to increased demand for ordinals. It also highlights the dominance of ordinals in BTC transactions and the bullish momentum of the token associated with BTC's ordinal protocol. Overall, the sentiment of the article is neutral to positive.

Go to publisher site

You May Ask

What caused the surge in Bitcoin network fees in November?What are ordinals and how do they relate to non-fungible tokens (NFTs)?How many ordinal inscriptions have been made to date, and what are the associated fees?What is the current trading price of the token ORDI, and how does it compare to Bitcoin's price?

Suggested Reads