Average daily transaction fees in Bitcoin (btc) have switched with Ethereum following a flurry of Ordinals-related activity on the Bitcoin network.
On November 20, the average daily transaction fee for Bitcoin stood at $10.34, while Ethereum transaction fees averaged $8.43, according to BitInfoChart. data.
Bitcoin's average daily trading fee hit a new six-month high on November 16, peaking at $18.67, while Ethereum fees hit $7.90.
The sudden rise in Bitcoin transaction fees is due to a renewed market appetite for assets registered with the Ordinal Protocol – a tool to create non-fungible token (NFT)-like assets and BRC-20 Tokens in Bitcoin.
Following a major lull in activity between September 25 and October 23, Ordinals-based assets saw a drastic rebound starting in late October, according to Dune Analytics. data.
Related: Bitcoin Ordinals Team Launches Nonprofit to Grow Protocol Development
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 registration activity worsened as ORDI, the second-largest BRC-20 token by market capitalization, was listed on Binance on November 7th. The listing sparked a broader wave of BRC-20 buying activity from traders and the price of the ORDI token jumped just over 50% that day.
Additionally, on November 17, the Ordinals-based Taproot Wizards project Announced a seed round of $7.5 million.
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