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Ordinals hype reemerges as Bitcoin transaction fees surpass Ethereum's

Ordinals hype reemerges as Bitcoin transaction fees surpass Ethereum’s

The average daily transaction fees on Bitcoin have surpassed those of Ethereum due to increased activity related to Ordinals-inscribed assets. On November 20, Bitcoin’s average daily transaction fee was $10.34, while Ethereum’s stood at $8.43. Bitcoin’s fees reached a six-month high of $18.67 on November 16, while Ethereum fees reached $7.90. This surge in Bitcoin transaction fees is attributed to a growing market demand for assets created using the Ordinals Protocol, which allows for the creation of nonfungible token (NFT)-like assets and BRC-20 tokens on the Bitcoin network. Since late October, over 6 million Ordinals inscriptions have been created, resulting in more than 800 BTC in fees being redistributed to the network. The listing of the ORDI token on Binance further fueled buying activity, with its price increasing by over 50% on November 7. Additionally, Taproot Wizards, an Ordinals-based project, recently announced a $7.5 million seed round.

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