Bitcoin

ORDI

<p class="s3">Bitcoin transaction fees have risen to a six-month high amidst a resurgence in the popularity of Ordinals Inscriptions.</p> 
<p><a href="https://bitinfocharts.com/comparison/bitcoin-transactionfees.html#3y">Data</a> from BitInfoCharts reveals that Bitcoin’s average transaction fee has reached its highest point since May, surging over 2,000% since its August low of $0.64.</p> 
<p>Per the data aggregator, an average BTC transaction would cost around $15.86 as of press time.</p> 
<p>Market observers have <a href="https://x.com/LeonidasNFT/status/1722664869285986539?s=20">attributed</a> this <a href="https://x.com/glxyresearch/status/1722329096791658850?s=20">spike</a> to the renewed enthusiasm surrounding Ordinals.</p> 
<p>Ordinal Inscriptions are digital assets similar to NFTs inscribed on a satoshi, BTC’s lowest denomination. These assets had <a href="https://cryptoslate.com/bitcoins-mempool-congesion-and-unwavering-demand-for-inscriptionsi/">gained popularity</a> earlier in the year and heralded Bitcoin’s <a href="https://cryptoslate.com/ordinals-2-0-reduces-bloat-brings-smart-contract-like-functionality-to-inscriptions/">foray into the NFT space</a>. But interest in them soon faded as the market landscape evolved.</p> 
<div class="flex-1 overflow-hidden"> 
 <div class="react-scroll-to-bottom--css-ulfvy-79elbk h-full"> 
  <div class="react-scroll-to-bottom--css-ulfvy-1n7m0yu"> 
   <div class="flex flex-col text-sm gizmo:pb-9 dark:bg-gray-800 gizmo:dark:bg-transparent"> 
    <div class="group w-full text-token-text-primary border-b border-black/10 gizmo:border-0 dark:border-gray-900/50 gizmo:dark:border-0 bg-gray-50 gizmo:bg-transparent dark:bg-[#444654] gizmo:dark:bg-transparent" data-testid="conversation-turn-8"> 
     <div class="p-4 gizmo:py-2 justify-center text-base md:gap-6 md:py-6 m-auto"> 
      <div class="flex flex-1 gap-4 text-base mx-auto md:gap-6 gizmo:gap-3 gizmo:md:px-5 gizmo:lg:px-1 gizmo:xl:px-5 md:max-w-2xl lg:max-w-[38rem] gizmo:md:max-w-3xl gizmo:lg:max-w-[40rem] gizmo:xl:max-w-[48rem] xl:max-w-3xl }"> 
       <div class="relative flex w-[calc(100%-50px)] flex-col gizmo:w-full lg:w-[calc(100%-115px)] agent-turn"> 
        <div class="flex-col gap-1 md:gap-3"> 
         <div class="flex flex-grow flex-col max-w-full gap-3 gizmo:gap-0"> 
          <div class="min-h-[20px] text-message peer flex flex-col items-start gap-3 whitespace-pre-wrap break-words peer-[.text-message]:mt-5 overflow-x-auto" data-message-author-role="assistant" data-message-id="19fa92eb-db68-41a2-8b4d-eec3cb9a94f1"> 
           <div class="markdown prose w-full break-words dark:prose-invert light"> 
            <p>However, these assets are now enjoying a renaissance after Binance <a href="https://www.binance.com/en/support/announcement/binance-will-list-ordinals-ordi-with-seed-tag-applied-4bd64404aa384fe5a00e0f9b131035db?ref=AZTKZ9XS">listed </a>Ordinals’ ORDI tokens on its platform. Following the news, the crypto token’s value surged by more than 290% over the last seven days, according to CoinMarketCap <a href="https://coinmarketcap.com/currencies/ordi/">data</a>.</p> 
            <figure id="attachment_372806" aria-describedby="caption-attachment-372806" style="width: 100%" class="wp-caption aligncenter">
             <img decoding="async" class="size-full wp-image-372806" src="https://cryptoslate.com/wp-content/uploads/2023/11/Screenshot-2023-11-10-105605.jpg" alt="Bitcoin Ordinals" width="1846" height="538" srcset="https://cryptoslate.com/wp-content/uploads/2023/11/Screenshot-2023-11-10-105605.jpg 1846w, https://cryptoslate.com/wp-content/uploads/2023/11/Screenshot-2023-11-10-105605-300x87.jpg 300w, https://cryptoslate.com/wp-content/uploads/2023/11/Screenshot-2023-11-10-105605-1024x298.jpg 1024w, https://cryptoslate.com/wp-content/uploads/2023/11/Screenshot-2023-11-10-105605-768x224.jpg 768w, https://cryptoslate.com/wp-content/uploads/2023/11/Screenshot-2023-11-10-105605-1536x448.jpg 1536w" sizes="(max-width: 1846px) 100vw, 1846px">
             <figcaption id="caption-attachment-372806" class="wp-caption-text">
              Bitcoin Ordinals Inscription Data. (Source: Dune Analytics)
             </figcaption>
            </figure> 
            <p>Dune Analytics <a href="https://dune.com/dgtl_assets/bitcoin-ordinals-analysis">data</a>, curated by dgtl_assets, further shows that the daily inscriptions on Bitcoin averaged more than 150,000 again after a brief lull between September and October. Per the dashboard, approximately 39 million inscriptions have been minted, generating 2,346 BTC, roughly $85.45 million, in transaction fees.</p> 
            <p>This surge has also propelled Bitcoin into the second-largest blockchain by NFT sales volume, surpassed only by Ethereum, CryptoSlam <a href="https://www.cryptoslam.io/">data</a> showed.</p> 
            <p>However, the increase has also led to a substantial rise in unconfirmed transactions on the network, with over 150,000 transactions currently in the <a href="https://mempool.space/">backlog</a>.</p> 
            <p>While the elevated transaction fees may pose challenges for Bitcoin traders, they substantially benefit miners. Increased transaction fees translate to higher rewards for miners, especially as they brace for the upcoming reward cut associated with Bitcoin’s next halving.</p> 
            <p>Bitcoin miner Marathon Digital pointed this out on social media platform X, <a href="https://twitter.com/MarathonDH/status/1722709050792480910">saying</a> it recently earned 3.25 BTC in fees from mining a block.</p> 
           </div> 
          </div> 
         </div> 
        </div> 
       </div> 
      </div> 
     </div> 
    </div> 
   </div> 
  </div> 
 </div> 
</div> 
<p>The post <a href="https://cryptoslate.com/bitcoin-fees-up-more-than-2000-percent-since-august-due-to-renewed-interest-in-ordinals/">Bitcoin fees up more than 2000% since August due to renewed interest in Ordinals</a> appeared first on <a href="https://cryptoslate.com">CryptoSlate</a>.</p>

Bitcoin fees up more than 2000% since August due to renewed interest in Ordinals

CryptoSlate

Other articles published on Nov 10, 2023

“Corporate governance can save fintech companies from collapse”- David Messan, CEO, Firstfounders

Bitcoin 'Terminal Price' hints next BTC all-time high is at least $110K

Crypto asset inflows top $1B as Bitcoin ETF optimism grows

Binance Speeds Up Russia Exit, Halting RUB Deposits and Withdrawals

Senator Introduces Bill to Preserve Rights of Crypto Owners

HiFi Finance (HIFI) Token Skyrockets by 100% in 3 Days: What Propelled the Surge?

Join our free newsletter for daily crypto updates!