Bitcoin Transaction Fees Reach New Heights
Bitcoin (BTC) has experienced a surge in average daily transaction fees, surpassing Ethereum, due to a flurry of activity related to the Ordinals Protocol. On November 20, Bitcoin's average daily transaction fee reached $10.34, while Ethereum's stood at $8.43, according to data from BitInfoChart. The fees for both cryptocurrencies have been fluctuating, with Bitcoin reaching a six-month high of $18.67 on November 16, and Ethereum fees reaching $7.90.
Ordinals Protocol Sparks Increased Activity
The rise in Bitcoin transaction fees can be attributed to the growing interest in assets created using the Ordinals Protocol. This protocol allows for the creation of nonfungible token (NFT)-like assets and BRC-20 tokens on the Bitcoin network. After a period of low activity between September 25 and October 23, Ordinals-based assets experienced a significant uptick in late October, as reported by Dune Analytics. Since October 24, over 6 million Ordinal assets have been created, resulting in more than 800 BTC in fees (equivalent to $30 million) being redistributed to the network.
Impact of ORDI Listing
The surge in Ordinals inscription activity was further fueled by the listing of ORDI, the second largest BRC-20 token by market cap, on Binance on November 7. This listing prompted a broader wave of BRC-20 buying activity, causing the price of the ORDI token to increase by over 50% in a single day.
Taproot Wizards Secures Funding
Taproot Wizards, an Ordinals-based project, announced a successful $7.5 million seed round on November 17. This further highlights the growing interest and investment in projects utilizing the Ordinals Protocol.
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