Bitcoin transaction fees flip Ethereum’s as Ordinals hype returns

Average regular transaction fees connected Bitcoin (BTC)  person flipped with Ethereum pursuing a frenzy of Ordinals-related enactment connected the Bitcoin network. 

On Nov. 20, the mean regular transaction interest for Bitcoin stood astatine $10.34, portion Ethereum’s transaction fees came to an mean of $8.43, according to BitInfoChart data.

Bitcoin’s mean regular trading interest notched a caller six-month precocious connected Nov.16, reaching a highest of $18.67, portion Ethereum fees reached $7.90.

Bitcoin’s mean regular fees person surged supra Ethereum’s successful the past 5 days. Source: BitInfoCharts

The abrupt uptick successful Bitcoin transaction fees stems from a renewed marketplace appetite for assets inscribed with the Ordinals Protocol — a instrumentality for creating nonfungible token (NFT)-like assets and BRC-20 tokens connected Bitcoin.

Following a important lull successful enactment betwixt Sept. 25 and Oct. 23, Ordinals-based assets saw a drastic uptick opening successful precocious October, per Dune Analytics data.

The fig of Ordinals inscriptions grew by implicit 6 cardinal since precocious October. Source: Dune Analytics

Related: Bitcoin Ordinals squad launches nonprofit to turn protocol development

Since Oct. 24, implicit 6 cardinal Ordinal assets person been created, resulting successful much than 800 BTC successful fees — worthy $30 cardinal — being redistributed to the network.

The uptick successful Ordinals inscription enactment compounded arsenic ORDI, the 2nd largest BRC-20 token by marketplace cap, was listed connected Binance connected Nov. 7. The listing spurred a wider question of BRC-20 buying enactment from traders with the terms of the ORDI token jumping by conscionable implicit 50% connected the day.

Additionally, connected Nov. 17, the Ordinals-based task Taproot Wizards announced a $7.5 cardinal effect round.

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