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Tom Mitchelhill6 hours agoBitcoin transaction fees flip Ethereum’s as Ordinals hype returnsBitcoin transaction fees have soared above Ethereum’s amid a renewed appetite for Ordinals-inscribed assets.2958 Total views14 Total sharesListen to article 0:00NewsJoin us on social networksAverage daily transaction fees on Bitcoin (BTC) have flipped with Ethereum following a frenzy of Ordinals-related activity on the Bitcoin network. 


On Nov. 20, the average daily transaction fee for Bitcoin stood at $10.34, while Ethereum transaction fees came to an average of $8.43, according to BitInfoChart data.


Bitcoin’s average daily trading fee notched a new six-month high on Nov.16, reaching a peak of $18.67, while Ethereum fees reached $7.90.Bitcoin’s average daily fees have surged above Ethereum in the last five days. Source: BitInfoCharts


The sudden uptick in Bitcoin transaction fees stems from a renewed market appetite for assets inscribed with the Ordinals Protocol — a tool for creating nonfungible token (NFT)-like assets and BRC-20 tokens on Bitcoin.


Following a significant lull in activity between Sept. 25 and Oct. 23, Ordinals-based assets saw a drastic uptick beginning in late October, according to Dune Analytics data.The number of Ordinals inscriptions grew by over six million since late October. Source: Dune Analytics


Related:Bitcoin Ordinals team launches nonprofit to grow protocol development


Since Oct. 24, over six million Ordinal assets have been created, resulting in more than 800 BTC in fees — worth roughly $30 million — being redistributed to the network.


The uptick in Ordinals inscription activity compounded as ORDI — the second largest BRC-20 token by market cap — was listed on Binance on Nov. 7. The listing spurred a wider wave of BRC-20 buying activity from traders with the price of the ORDI token jumping by just over 50% on the day.


Additionally, on Nov. 17, the Ordinals-based project Taproot Wizards announced a $7.5 million seed round.


Magazine:I spent a week working in VR. It was mostly terrible, however…# Bitcoin# Ethereum# Fees# NFT# Transaction Fee# Bitcoin OrdinalsAdd reactionAdd reactionRead moreExpect some crypto companies to fail in the wake of Bitcoin"s halvingWhat are NFT DApps, and how to create and launch one?Elon Musk slams NFTs but ends up arguing the case for Bitcoin Ordinals

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