Average daily transaction fees on bitcoin (btc) have changed with ethereum following a flurry of Ordinals-related activity on the bitcoin network.
On November 20, the average daily transaction fee for bitcoin stood at $10.34, while ethereum transaction fees averaged $8.43. btc–eth.html#3m” target=”_blank” rel=”noopener nofollow”>according to BitInfoChart data.
bitcoin‘s average daily trading fee hit a new six-month high on November 16, peaking at $18.67, while ethereum fees hit $7.90.
The sudden spike in bitcoin transaction fees is due to a renewed market appetite for assets enrolled with the Ordinals Protocol, a tool for creating non-fungible token (nft)-like assets and BRC-20 tokens on bitcoin.
Following a major lull in activity between September 25 and October 23, Ordinals-based assets saw a drastic rally starting in late October. bitcoin-ordinals-analysis” target=”_blank” rel=”noopener nofollow”>according to Dune Analytics data.
Related: bitcoin Ordinals Team Launches Nonprofit to Grow Protocol Development
Since October 24, over six million Ordinal assets have been created, resulting in over 800 btc in fees, worth approximately $30 million, being redistributed to the network.
The surge in Ordinals registration activity was compounded when ORDI, the second-largest BRC-20 token by market cap, was listed on Binance on November 7. The listing sparked a broader wave of BRC-20 buying activity by traders at the ORDI price. The token jumped just over 50% on the day.
Additionally, on November 17, the Ordinals-based Taproot Wizards project Announced a seed round of $7.5 million.
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