According to BitInfoChart data , on November 20, Bitcoin 's Medium daily transaction fees stood at $10.34, while Ethereum's transaction fees Medium $8.43.
Bitcoin's Medium daily transaction fees hit a six-month high on November 16, hitting a peak of $18.67, while Ethereum fees hit $7.90.
The sudden increase in Bitcoin transaction fees stems from new market demand for assets inscribed using the Ordinals Protocol – a tool for creating non-fungible token (Non-Fungible Token)-like assets and tokens BRC-20 on Bitcoin.
After a significant lull in activity from September 25 to October 23, Ordinals based assets saw a sharp increase starting in late October, according to data by Dune Analytics.
Since October 24, over 6 million Ordinals assets have been created, resulting in over 800 BTC – worth $30 million – being redistributed into the network.
The increase in Ordinals inscription activity combined with ORDI, the second largest BRC-20 token by market Capital , which was listed on Binance on November 7. This listing has ridden the wave There was broader BRC-20 buying activity from traders with the ORDI token price increasing over 50% on the day.
Additionally, on November 17, the Taproot Wizards project on Ordinals announced a $7.5 million seed round.
