Bitcoin Overtakes Ethereum in Daily Transaction Fees: Ordinals Protocol and NFT-Like Assets Fuel Growth

Bitcoin (BTC) has lately gone beyond Ethereum (ETH) in terms of ordinary day-to-day purchase fees, indicating a notable change in the cost landscape. On November 20, Bitcoin’s average day-to-day purchase fee got to $10.34, while Ethereum’s typical charge stood at $8.43.

The growth in Bitcoin deal fees is an outcome of enhanced activity surrounding the Ordinals Protocol, which makes it possible for the development of NFT-like properties and BRC-20 tokens on the Bitcoin network. After a duration of relative inactivity in late September to October, Ordinals-based assets experienced a significant rise in late October, according to Dune Analytics.

From October 24th to present, the production of over 6 million Ordinal assets has actually caused the redistribution of more than 800 BTC in fees, amounting to $30 million, within the network. This growth was more intensified by the listing of ORDI, the second-largest BRC-20 token by market capitalization, on Binance on November 7th. Because of this, there was a rise in demand for BRC-20 tokens, triggering a surge in the price of the ORDI token by over 50%.

The Taproot Wizards project, created upon the progressively prominent Ordinals Protocol, lately safeguarded $7.5 million in seed financing, as revealed on November 17.


Disclaimer: Not Investment Advice

it’s crucial to understand that the information provided here is not to be construed as investment advice. The crypto market is dynamic and highly speculative, and decisions should be made based on thorough personal research and consideration of individual risk tolerance. Always consult with financial professionals and conduct your own due diligence before making any investment decisions. The intention of this exploration is to present insights and trends, not to provide specific investment recommendations.

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