Bitcoin’s (BTC) average daily transaction fees have flipped against Ethereum following a flurry of ordinal-related activity on the Bitcoin network.
According to data from BitInfoChart, on November 20, the average daily transaction fee for Bitcoin was $10.34, while the average transaction fee for Ethereum was $8.43 data.
On November 16, Bitcoin’s average daily transaction fees hit a six-month high, peaking at $18.67, while Ethereum fees hit $7.90.
The sudden rise in Bitcoin transaction fees stems from new interest in Ordinals Protocol assets, a tool for creating non-fungible token (NFT)-like assets and BRC-20 tokens on Bitcoin.
According to data from Dune Analytics, Ordinals-based assets began to rise sharply in late October, following a significant lull in activity between September 25 and October 23 data.
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Since October 24, over 6 million Ordinal assets have been created, resulting in over 800 BTC in fees (worth $30 million) being reallocated to the network.
Ordinals registration activity increased as ORDI, the second largest BRC-20 token by market capitalization, was listed on Binance on November 7. The listing stimulated wider BRC-20 buying activity among traders, and the price of ORDI also rose accordingly. The token rose by slightly more than 50% that day.
In addition, on November 17, the ordinal-based project Taproot Wizards declare $7.5 million in seed funding.
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