Bitcoin Fees Soar Above Ethereum's As Investors Flock To Ordinals


21 Nov 2023 6:36 AM

CryptoFees data shows that Bitcoin daily fees averaged $10.65 million from November 16 to November 18, surpassing Ethereum’s average fee of nearly $7...

  • Bitcoin daily fees averaged $10.65 million from November 16 to November 18, surpassing Ethereum's average fee of nearly $7 million for the same period.
  • The US Securities and Exchange Commission (SEC) is deferring decisions on several Bitcoin ETF applications until 2024.
  • Bitcoin's average transaction fees surged over 1,000% to reach a peak of $18.67 on November 16.
  • Bitcoin's average daily trading fee reached its highest point in the past six months on November 16, while Ethereum's transaction fees remained relatively lower.
  • Recent data shows a notable surge in Bitcoin adoption, with an increase in newly created active addresses.
  • The volume of Bitcoin held by long-term investors has reached an unprecedented high, indicating growing interest in Bitcoin.
  • The network has redistributed approximately 800 BTC in fees, equivalent to $30 million, as a result of the production of nearly 6 million Ordinal assets.
  • The increase in Ordinals inscription activities gathered momentum after the debut of ORDI on Binance on November 7.

The sentiment of the article is generally positive, highlighting the surge in Bitcoin adoption and growing interest despite concerns about transaction fees.

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