Bitcoin’s transaction fees will replace Ethereum’s rumor mill
The average daily transaction fees on Bitcoin (BTC) has reversed with Ethereum following the usual activity on the Bitcoin network.
In the year On November 20, Bitcoin's average daily transaction fee stood at $10.34, while Ethereum's transaction fee averaged $8.43, according to BitInfoChart data.
Bitcoin's average daily transaction fee hit a new six-month high on November 16, reaching a high of $18.67, while Ethereum's fee reached $7.90.
The sudden uptick in Bitcoin transaction fees stems from renewed market demand for assets modeled on the Ordinal Protocol—Nevertheless Token (NFT)—as assets and the creation of BRC-20 tokens on top of Bitcoin.
According to Dune Analytics data, regular-based assets have seen a sharp uptick since late October, following a significant slowdown in activity between September 25 and October 23.
Related: Bitcoin Ordinals Group Launches Non-Profit Organization to Promote Protocol Development
As of October 24, more than 6 million common assets have been created, resulting in more than 800 BTC of payments – $30 million – redistributed to the network.
The improvement in Ordinals text activity was joined as ORDI, the second largest BRC-20 token by market cap, was listed on Binance on November 7th. The listing triggered widespread BRC-20 buying activity from traders at ORDI prices. Token jump more than 50% on the day.
Additionally, on November 17, Ordinals-based project Taproot Wizards announced a $7.5 million seed round.
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