Bitcoin Overtakes Ethereum in Transaction Fees on the Back of Renewed Ordinals Frenzy
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Bitcoin Overtakes Ethereum in Transaction Fees on the Back of Renewed Ordinals Frenzy

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Created 6mo ago, last updated 6mo ago

Bitcoin (BTC) has recently surpassed Ethereum (ETH) in terms of average daily transaction fees, signaling a notable shift in the fee landscape.

Bitcoin Overtakes Ethereum in Transaction Fees on the Back of Renewed Ordinals Frenzy
Bitcoin (BTC) has recently surpassed Ethereum (ETH) in terms of average daily transaction fees, signaling a notable shift in the fee landscape. On November 20, Bitcoin's average daily transaction fee reached $10.34, while Ethereum's average fee stood at $8.43.
The upswing in Bitcoin transaction fees is a result of heightened activity surrounding the Ordinals Protocol, which enables the creation of NFT-like assets and BRC-20 tokens on the Bitcoin network. After a period of relative dormancy in late September to October, Ordinals-based assets experienced a significant surge in late October, according to Dune Analytics.

Since October 24, over 6 million Ordinal assets have been generated, leading to the redistribution of more than 800 BTC in fees (equivalent to $30 million) to the network. The momentum further escalated when ORDI, the second-largest BRC-20 token by market capitalization, was listed on Binance on November 7. This listing sparked increased buying activity of BRC-20 tokens, resulting in a price surge of slightly over 50% for the ORDI token.

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In addition to the growing popularity of the Ordinals Protocol, the Taproot Wizards project, which is built on the Ordinals protocol, announced a seed funding round of $7.5 million on November 17.

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