Ethereum

Bitcoin

ORDI

<div class="sg-post-des">
 Bitcoin transaction fees have soared above Ethereum’s amid a renewed appetite for Ordinals-inscribed assets.
</div>
<div class="cointelegraph">
 Average daily <a rel="noopener noreferrer nofollow" title="transaction" href="https://thebittimes.com/tag/transaction.html">transaction</a> fees on Bitcoin (BTC)&nbsp; have flipped with Ethereum following a frenzy of Ordinals-related activity on the Bitcoin network.&nbsp;
 On Nov. 20, the average daily <a rel="noopener noreferrer nofollow" title="transaction" href="https://thebittimes.com/tag/transaction.html">transaction</a> fee for Bitcoin stood at $10.34, while Ethereum’s <a rel="noopener noreferrer nofollow" title="transaction" href="https://thebittimes.com/tag/transaction.html">transaction</a> fees came to an average of $8.43, according to BitInfoChart data.
 Bitcoin’s average daily trading fee notched a new six-month high on Nov.16, reaching a peak of $18.67, while Ethereum fees reached $7.90.
 <figure><img src="https://cdn.thebittimes.com/images/2023/11/21/4027b61c6483324e9ec607add87bb259.webp">
 <figcaption style="text-align: center;">Bitcoin’s average daily fees have surged above Ethereum’s in the last five days. Source: BitInfoCharts
 </figcaption>
 </figure>
 The sudden uptick in Bitcoin <a rel="noopener noreferrer nofollow" title="transaction" href="https://thebittimes.com/tag/transaction.html">transaction</a> fees stems from a renewed market appetite for assets inscribed with the Ordinals Protocol — a tool for creating nonfungible token (NFT)-like assets and BRC-20 tokens on Bitcoin.
 Following a significant lull in activity between Sept. 25 and Oct. 23, Ordinals-based assets saw a drastic uptick beginning in late October, per Dune Analytics data.
 <figure><img src="https://cdn.thebittimes.com/images/2023/11/21/49282ed47a561895809197c60b424b99.webp">
 <figcaption style="text-align: center;">The number of Ordinals inscriptions grew by over 6 million since late October. Source: Dune Analytics
 </figcaption>
 </figure>
 Related: Bitcoin Ordinals team launches nonprofit to grow protocol development
 Since Oct. 24, over 6 million Ordinal assets have been created, resulting in more than 800 BTC in fees — worth $30 million — being redistributed to the network.
 The uptick in Ordinals inscription activity compounded as ORDI, the second largest BRC-20 token by market cap, was listed on Binance on Nov. 7. The listing spurred a wider wave of BRC-20 buying activity from traders with the price of the ORDI token jumping by just over 50% on the day.
 Additionally, on Nov. 17, the Ordinals-based project Taproot Wizards announced a $7.5 million seed round.
 Magazine: I spent a week working in VR. It was mostly terrible, however…
 <template data-name="subscription_form" data-type="crypto_biz"></template>
</div>
Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-transaction-fees-flip-ethereum-s-as-ordinals-hype-returns-tbt71004.html">https://thebittimes.com/bitcoin-transaction-fees-flip-ethereum-s-as-ordinals-hype-returns-tbt71004.html</a>

Bitcoin transaction fees flip Ethereum’s as Ordinals hype returns

TheBitTimes

Other articles published on Nov 21, 2023

Code Africa Virtual Conference 2023 Around the Corner

Aragon DAO votes to fund legal action against its founders

Sushi goes live on Aptos

Decoding Community Governance in Crypto :Yearn Finance, SushiSwap, Compound, and GameStop Memes

Bitcoin miner Phoenix Group’s $370m IPO overwhelms with massive subscription rate

Earnings Review: Zoom Reports EPS of $1.29 Beating Expectations

Join our free newsletter for daily crypto updates!