Bitcoin transaction fees flip Ethereum’s as Ordinals hype returns


21 Nov 2023 2:51 AM

Average daily Bitcoin transaction fees have spiked and overtaken Ethereum’s amid a fresh wave of enthusiasm for Ordinals NFTs and BRC-20 tokens, with Bitcoin fees surging as high as $18 on Nov. 16. ...

  • Average daily transaction fees on Bitcoin (BTC) have surpassed those of Ethereum due to increased activity related to the Ordinals Protocol.
  • On November 20, Bitcoin's average daily transaction fee was $10.34, while Ethereum's was $8.43.
  • Bitcoin's transaction fees reached a six-month high of $18.67 on November 16, while Ethereum fees reached $7.90.
  • The surge in Bitcoin transaction fees is attributed to a growing demand for assets created using the Ordinals Protocol.
  • Since October 24, over 6 million Ordinal assets have been created, resulting in more than 800 BTC in fees ($30 million) being redistributed to the network.
  • The listing of the ORDI token on Binance on November 7 further fueled BRC-20 buying activity.
  • Taproot Wizards, an Ordinals-based project, announced a $7.5 million seed round on November 17.

The article provides information about the increase in Bitcoin transaction fees due to the popularity of the Ordinals Protocol. It highlights the significant growth in Ordinals-based assets and the positive impact on the network.

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You May Ask

What were the average daily transaction fees for Bitcoin and Ethereum on November 20?When did Bitcoin's transaction fees reach a six-month high, and how much was it?What caused the surge in Bitcoin transaction fees?How many Ordinal assets have been created since October 24, and how much in fees have been redistributed to the network?What recent developments have contributed to the increased activity related to the Ordinals Protocol?

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