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#MyFirstFeedPost Hello, Binance Square!
Bitcoin transaction fees flip Ethereum's as
Ordinals hype returns
Bitcoin transaction fees have soared above Ethereum's amid a renewed appetite for Ordinals-inscribed assets.
Bitcoin transaction fees have soared above
Ethereum's amid a renewed appetite for
Ordinals-inscribed assets.
Average daily transaction fees on Bitcoin
(BTC) have flipped with Ethereum following a frenzy of Ordinals-related activity on the Bitcoin network.
On Nov. 20, the average daily transaction fee for Bitcoin stood at $10.34, while Ethereum transaction 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.
The sudden uptick in Bitcoin transaction 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, according to Dune Analytics data.
Since Oct. 24, over six million Ordinal assets have been created, resulting in more than
800 BTC in fees - worth roughly $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.
Bitcoin transaction fees flip Ethereum's as
Ordinals hype returns
Bitcoin transaction fees have soared above Ethereum's amid a renewed appetite for Ordinals-inscribed assets.
Bitcoin transaction fees have soared above
Ethereum's amid a renewed appetite for
Ordinals-inscribed assets.
Average daily transaction fees on Bitcoin
(BTC) have flipped with Ethereum following a frenzy of Ordinals-related activity on the Bitcoin network.
On Nov. 20, the average daily transaction fee for Bitcoin stood at $10.34, while Ethereum transaction 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.
The sudden uptick in Bitcoin transaction 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, according to Dune Analytics data.
Since Oct. 24, over six million Ordinal assets have been created, resulting in more than
800 BTC in fees - worth roughly $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.
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