In a recent development, the average daily transaction fees for Bitcoin (BTC) have eclipsed those of Ethereum, marking a significant shift attributed to heightened activity related to the Ordinals Protocol on the Bitcoin network.
As of November 20, BitInfoChart data reveals that Bitcoin’s average daily transaction fee reached $10.34, surpassing Ethereum’s average of $8.43. This reversal in transaction fee dynamics follows a surge in Ordinals-related activity within the Bitcoin network.
Bitcoin’s average daily trading fee achieved a six-month high on November 16, peaking at $18.67, while Ethereum’s fees reached $7.90 during the same period.
The notable increase in Bitcoin transaction fees is linked to a renewed market interest in assets built on the Ordinals Protocol, a tool designed for creating non-fungible token (NFT)-like assets and BRC-20 tokens on the Bitcoin blockchain.
After a period of relative inactivity between September 25 and October 23, Ordinals-based assets experienced a significant surge in late October, as indicated by Dune Analytics data.
Since October 24, over 6 million Ordinals assets have been created, resulting in the redistribution of more than 800 BTC in fees, equivalent to $30 million, back into the network.
The surge in Ordinals inscription activity gained momentum with the listing of ORDI, the second-largest BRC-20 token by market capitalization, on Binance on November 7. This listing triggered a broader wave of BRC-20 buying activity, leading to a more than 50% increase in the price of the ORDI token on that day.
Furthermore, on November 17, the Ordinals-based project Taproot Wizards announced a successful $7.5 million seed round, adding to the momentum of Ordinals-related developments within the Bitcoin ecosystem.