Bitcoin Fees Soar Above Ethereum’s As Investors Flock To Ordinals-Backed Assets
21 Novembre 2023 - 7:36AM
NEWSBTC
CryptoFees data shows that Bitcoin daily fees averaged $10.65
million from November 16 to November 18, surpassing Ethereum’s
average fee of nearly $7 million for the same period. Until 2024,
the US Securities and Exchange Commission (SEC) is deferring
decisions on several Bitcoin ETF applications, despite the market’s
increasing optimism about the approval of a spot Bitcoin
exchange-traded fund (ETF) in the US. This hesitation has coincided
with a remarkable surge in the top crypto’s average transaction
fees, soaring over 1,000% to reach a peak of $18.67 on November 16,
according to BitInfoCharts data. The average daily transaction fees
for BTC, totaling $37,370, have seen a reversal with Ethereum. This
change comes in the wake of heightened activity related to Ordinals
on the Bitcoin network. Bitcoin Fees Hit Highest Point In 6 Months
During the observed trend, it became evident that Bitcoin’s average
daily trading fee experienced a noteworthy surge, reaching its
highest point in the past six months on November 16, where it
peaked at $18.67. This spike in transaction fees within the Bitcoin
network indicated a moment of heightened activity and demand. In
contrast, over the same period, Ethereum’s transaction fees
registered at $7.90, showcasing a relatively lower level compared
to Bitcoin. The divergence in fee dynamics between the two
prominent cryptocurrencies underscores the distinct market forces
and user behaviors influencing their respective blockchain
networks. Bitcoin has outpaced Ethereum in daily fees in the last
five days. Source: BitInfoCharts This fluctuation underscores the
dynamic nature of transaction fees in the cryptocurrency space,
with Bitcoin experiencing notable shifts in its fee landscape.
Contrary to worries about the potential deterrent effect of
elevated transaction fees on Bitcoin users, on-chain data suggests
a contrasting trend. Related Reading: Sam Altman’s Worldcoin Token
Makes Headlines With 24% Surge Amid OpenAI Drama From late October,
Ordinals inscriptions increased by almost 6 million. Source: Dune
Analytics Widespread Adoption And Growing Addresses Recent data
from IntoTheBlock reveals a notable surge in Bitcoin adoption,
hitting a new yearly high at 67.62% this week. Related Reading:
Kaspa Binance Listing Sparks Frenzy: 50% Price Surge Captures
Investors’ Interest This increase in adoption is reflected in the
uptick of newly created active addresses, signaling a substantial
influx of new participants into the market. Bitcoin retakes the
$37K territory. Chart: TradingView.com Ordinals Gathering Momentum
Additionally, the volume of Bitcoin held by long-term investors has
reached an unprecedented high, with over 1 million addresses now
possessing more than 1 unit of Bitcoin. This data indicates a
growing and robust interest in Bitcoin, despite concerns about
transaction fees, as evidenced by both increased user participation
and a rise in long-term holdings. Since October 24, the network has
redistributed approximately 800 BTC in fees, equivalent to $30
million, as a result of the production of nearly 6 million Ordinal
assets. Following ORDI’s (the second-largest BRC-20 token by market
capitalization) debut on Binance on November 7, the increase in
Ordinals inscription activities gathered momentum. (This site’s
content should not be construed as investment advice. Investing
involves risk. When you invest, your capital is subject to risk).
Featured image from Freepik
Ordinals (COIN:ORDIUSD)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024
Ordinals (COIN:ORDIUSD)
Graphique Historique de l'Action
De Juil 2023 à Juil 2024