Bitcoin has overtaken Ethereum in average daily transaction fees, fueled by a surge in Ordinals-related activity on the Bitcoin network. According to BitInfoChart data on Nov. 20, Bitcoin’s daily transaction fees averaged $10.34, surpassing Ethereum’s $8.43.
The spike in Bitcoin’s transaction fees reached a six-month high on Nov. 16, peaking at $18.67, while Ethereum fees hit $7.90. This shift in dynamics is attributed to the renewed market interest in assets utilizing the Ordinals Protocol—a powerful tool for creating nonfungible token (NFT)-like assets and BRC-20 tokens on the Bitcoin blockchain.
The Ordinals Protocol experienced a significant lull in activity from Sept. 25 to Oct. 23. However, according to Dune Analytics data, a remarkable resurgence began in late October, driving a surge in Ordinals-based assets. This sudden uptick has not only influenced the transaction fees but also sparked discussions about the evolving landscape of blockchain protocols.
Industry experts speculate that the growing popularity of Ordinals-based assets indicates a broader trend of users seeking diverse functionalities beyond Ethereum’s domain. As Bitcoin adapts and integrates innovative protocols, the competition for blockchain supremacy is heating up, promising an exciting future for decentralized finance and nonfungible tokens.
Stay tuned as the blockchain landscape continues to evolve, with Bitcoin’s transaction fees taking center stage in this unfolding saga.
