BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
FOLLOW
BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
BlockNews.com
No Result
View All Result

Bitcoin Transaction Fees Eclipse Ethereum Amid Ordinal Surge

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

#image_title

Share on TwitterShare on Reddit
  • 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
Tweet1ShareShare1
BlockNews.com Team

BlockNews.com Team

The go-to news source for Cryptocurrency, Blockchain, Technology, & Finance

DON'T MISS THESE! HOT OFF THE PRESS

Web3 Companies Launch Major Grants to Fuel Crypto Market Growth
Breaking News

Web3 Firms Unveil Grants to Bolster Crypto Ecosystem Following Market Revival

December 7, 2023
Blockchain Technology Spearheads Climate Action at COP28
Breaking News

Blockchain Technology Spearheads Climate Action at COP28

December 7, 2023
Meta Leads the Fight Against AI Misuse with Invisible Image Watermarks
Breaking News

Meta Leads the Fight Against AI Misuse with Invisible Image Watermarks

December 7, 2023
Judge Approves Guilty Plea of Binance's Changpeng Zhao
Breaking News

Judge Approves Guilty Plea of Binance’s Changpeng Zhao

December 6, 2023
Google Announces New AI Model Gemini, Here is What you Need to Know
Breaking News

Google Announces New AI Model Gemini, Here is What you Need to Know

December 6, 2023
NeoTokyo The Crypto Gaming Hub
Breaking News

NeoTokyo: The Crypto Gaming Hub

December 6, 2023
Load More
Next Post
ARK Invest’s Bitcoin ETF Shifts to Indirect Exposure for Investors

ARK Invest's Bitcoin ETF Shifts to Indirect Exposure for Investors

SEC Files Case Against Kraken for Operating as an Unregistered Securities Exchange

SEC Files Case Against Kraken for Operating as an Unregistered Securities Exchange

Crypto Investment Boom with $1.32 Billion Poured into Digital Assets

Crypto Investment Boom with $1.32 Billion Poured into Digital Assets

Related News

Coinbase: Next to Fail?

Coinbase: Next to Fail?

July 26, 2022
House Financial Services Committee votes new Blockchain Bills

House Financial Services Committee Votes New Blockchain Bills

July 28, 2023
Senator Elizabeth Warren Finds Support to Tackle Crypto-Financed Terrorism

Senator Elizabeth Warren Finds Support to Tackle Crypto-Financed Terrorism

October 26, 2023

Browse by Category

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Featured
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized
Discord Twitter
BlockNews.com

BlockNews.com brings you the most important Crypto and NFT news in the space.

CATEGORIES

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Featured
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized

RECENT POSTS

  • Web3 Firms Unveil Grants to Bolster Crypto Ecosystem Following Market Revival December 7, 2023
  • Blockchain Technology Spearheads Climate Action at COP28 December 7, 2023
  • Meta Leads the Fight Against AI Misuse with Invisible Image Watermarks December 7, 2023

© 2022-2023 BlockNews.com - Crypto and NFT news website by JRNY Club.

No Result
View All Result
  • Home
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides

© 2022-2023 BlockNews.com - Crypto and NFT news website by JRNY Club.