Average daily transaction fees on Bitcoin (BTC) switched with Ethereum following a frenzy of ordinal-related activity on the Bitcoin network.
As of November 20, the average daily transaction fee for Bitcoin stood at $10.34, while the transaction fee for Ethereum averaged $8.43, according to BitInfoChart. data.
Bitcoin’s average daily trading fees hit a new six-month high on November 16, hitting a high of $18.67, while Ethereum’s fees hit $7.90.
The sudden rise in Bitcoin transaction fees stems from a renewed market appetite for assets listed with the ordinal protocol — a tool for creating non-fungible token (NFT) assets and BRC-20 tokens on Bitcoin.
After a significant lull in activity between September 25 and October 23, ordinal-based assets saw a drastic increase starting in late October, according to Dune Analytics. data.
Since October 24, over 6 million Ordinal assets have been created, resulting in over 800 BTC in fees – worth $30 million – being redistributed to the network.
The surge in ordinal listing activity was compounded by the fact that ORDI, the second largest BRC-20 token by market capitalization, was listed on Binance on November 7. The listing sparked a wider wave of BRC-20 buying activity from traders, with the price of the ORDI token surging just over 50% that day.
Additionally, on November 17, the Taproot Wizards project, based on Ordinals announcement a funding round of $7.5 million.