CryptoFees data shows that Daily bitcoin Fees averaged $10.65 million from Nov. 16 to Nov. 18, surpassing ethereum‘s average fee of nearly $7 million over the same period.
Until 2024, the US Securities and Exchange Commission (SEC) is deferring decisions on several bitcoin ETF applications, despite growing market optimism over the approval of a bitcoin exchange-traded fund (ETF) cash in the US
This hesitation has coincided with a notable btc-xmr.html#3m” rel=”nofollow”>increase in average transaction fees of major cryptocurrenciesrising more than 1,000% to reach a high of $18.67 on November 16, according to data from BitInfoCharts.
Average daily transaction fees for btc, totaling $37,370, have seen a reversal with ethereum. This change occurs as a result of greater activity related to bitcoin-ordinals-ordinal-nfts” rel=”nofollow”>Ordinals on the bitcoin network.
bitcoin has outpaced ethereum in daily fees in the last five days. Source: btc-xmr.html#3m" rel="nofollow">BitInfoCharts
This fluctuation underscores the dynamic nature of transaction fees in the cryptocurrency space, with bitcoin experiencing notable changes to its fee landscape.
Contrary to concerns about the potential chilling effect of high transaction fees on bitcoin users, on-chain data suggests a contrasting trend.
From late October, Ordinals inscriptions increased by almost 6 million. Source: Dune Analytics
Widespread adoption and growing directions
Recent data from IntoTheBlock reveals a notable increase in bitcoin adoption, reaching a new yearly high of 67.62% this week.
This increase in adoption is reflected in the increase in active newly created addresses, indicating a substantial influx of new entrants into the market.
bitcoin retakes the $37K territory. Chart: TradingView.com
Ordinals gain momentum
Furthermore, the volume of bitcoin in the hands of long-term investors has reached an unprecedented level, with over 1 million addresses now holding more than 1 unit of bitcoin.
This data indicates strong and growing interest in bitcoin, despite concerns over transaction fees, as evidenced by both increased user participation and increased long-term holdings.
Since October 24, 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.
Following the debut of ORDI (the second largest BRC-20 token by market capitalization) on Binance on November 7, the surge in Ordinals registration activities gained momentum.
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