Crypto Trading Today: Bitcoin Transaction Fees Flip Ethereum's as Ordinals Hype Returns.
Bitcoin transaction fees flip Ethereum’s as Ordinals hype returns

Crypto Trading Fees on Bitcoin and Ethereum

The Ordinals Protocol has driven a surge in Bitcoin transaction fees, with the average daily fee reaching a six-month high of $18.67 on Nov. 16. On the same day, Ethereum’s fees were $7.90, making Bitcoin’s average daily transaction fee higher than Ethereum’s for the first time in months.

Data from BitInfoChart shows that on Nov. 20, Bitcoin’s daily transaction fee was $10.34, while Ethereum’s was $8.43. This marks a shift in the crypto trading landscape, as Ethereum has been the leader in terms of transaction fees for some time.

The Ordinals Protocol allows users to create nonfungible tokens (NFTs) and BRC-20 tokens on the Bitcoin network. This has resulted in a renewed interest in the asset, and a corresponding increase in transaction fees.

Crypto Trading and Listing Activity on the Rise

Between Sept. 25 and Oct. 23, crypto trading activity was relatively quiet, but data from Dune Analytics shows a drastic uptick in activity beginning in late October. Over 6 million Ordinals assets have been created since Oct. 24, resulting in more than 800 BTC in fees — worth $30 million — being redistributed to the network.

The surge in crypto trading activity was further boosted when ORDI, the second largest BRC-20 token by market cap, was listed on Binance on Nov. 7. This caused a wave of BRC-20 buying and the price of the ORDI token jumped by 50% on the day.

Adding to the excitement, Taproot Wizards, an Ordinals-based project, announced a $7.5 million seed round on Nov. 17.

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