Renewed Interest in On-Chain Assets
Bitcoin’s 7-day average transaction fees have outpaced those of Ethereum, indicating a renewed interest in on-chain assets. This shift challenges Ethereum’s traditionally higher fees and suggests a change in market dynamics.
Bitcoin’s Dominance
Bitcoin, as the pioneer cryptocurrency, has seen a significant uptick in transaction fees, with the average daily transaction fees on Bitcoin surpassing those of Ethereum. On November 20, Bitcoin’s average daily transaction fee was $10.34, surpassing Ethereum, which recorded an average fee of $8.43 for the same period. Bitcoin’s average daily trading fee reached a six-month high of $18.67 on November 16, contrasting with Ethereum’s fees of $7.90.
This unexpected surge in Bitcoin transaction fees has been attributed to the resurgence of Ordinal’s minting and trading, as well as increased adoption for on-chain assets and a surge in network activity.
ORDI Price Surge
After a period of relative inactivity, Ordinals-based assets experienced a significant uptick in late October, leading to the redistribution of more than 800 BTC in fees worth $30 million to the network.
Hot Take
The recent surge in Bitcoin transaction fees signifies a renewed interest in on-chain assets, challenging Ethereum’s dominance in this space. This shift may indicate a broader trend in the market as Bitcoin continues to embrace on-chain assets, affecting the overall network dynamics.
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