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Bitcoin Transaction Fees Eclipse Ethereum Amid Ordinal Surge

by BlockNews.com Team
November 20, 2023
in Breaking News, Business, Crypto
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Bitcoin Transaction Fees Eclipse Ethereum Amid Ordinal Surge

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  • Bitcoin’s average transaction fee has now surpassed Ethereum’s, reversing their relative positions for most of 2022. In the past week, Bitcoin’s fee rose 48% while Ethereum’s was lower.
  • The widening gap is attributed to a revival in trading of Bitcoin Ordinals, a type of NFT minted on the Bitcoin network.
  • Startups dealing in Bitcoin Ordinals like Taproot Wizards have seen significant venture capital interest, which appears to be driving up Bitcoin transaction fees.

Bitcoin’s average transaction fee has now surpassed Ethereum‘s due to a resurgence in Ordinals trading. This reversal comes after Ethereum had lower average fees for most of 2022.

🚨 NEWS: #Bitcoin's 7-day average transaction fee surpasses Ethereum, hitting $12.75.

Ordinal minting and trading on the Bitcoin network contributes to this spike.

Ethereum's average fee currently stands at $7.50.

THE PEOPLE LOVE $BTC pic.twitter.com/QhRoFc3RBz

— BlockNews.com (@blocknewsdotcom) November 20, 2023

The Fee Gap Widens

In the last week alone, Bitcoin‘s average transaction fee increased 48.4% from $8.59 on Nov. 12 to $12.75 on Nov. 19. Meanwhile, Ethereum‘s average fee was $7.55 on Nov. 19. The gap between the two is now much wider than when they briefly flipped in early October.

Ordinals Drive Bitcoin Fees Up

Bitcoin Ordinals are a type of NFT minted on the Bitcoin network. September saw a peak in Ordinals trading, followed by a slump in October. The recent revival in demand for Ordinals seems to have pushed up Bitcoin transaction fees. Startups specializing in Bitcoin Ordinals have attracted venture capital interest, like Taproot Wizards‘ $75 million seed raise on Nov. 16.

Tags: BitcoinBitcoin OrdinalBusinesscryptoCrypto Exchange
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