Bitcoin (BTC) Network Fees Surge as Ordinal Inscriptions Dominate Blockchain
November has seen a whole lot of surge in network fees for Bitcoin (BTC) as the demand for ordinals overwhelms the leading blockchain. According to data from CryptoFees.info, Bitcoin’s transaction fees rose from $779,549 at the beginning of the 30 days to a peak of $11.63 Million on November 17th, marking a substantial 1,391% increase.
Although while the fees have slightly retraced, they are still hovering around the $11.559 Million mark. Ordinals allow users to inscribe digital assets onto a single satoshi, the smallest unit of BTC, to create non-fungible tokens (NFTs) on the Bitcoin (BTC) network.
Data from blockchain tracker Dune Analytics outlines that ordinals have dominated Bitcoin’s transactions in November, with the bulk of transactions involving text embedded onto satoshis.
There have been a total of 41,666,862 ordinal inscriptions generating fees of 2,809.5313 in BTC, valued at $102,901 Million, as of writing. The token linked with BTC’s ordinal protocol, ORDI, has likewise shown indications of continuing its positive trend momentum, with a 4.75% increase in the previous day, currently worth $23.80.
With the surge in network fees and the dominance of ordinal inscriptions, Bitcoin (BTC) is seeing a whole lot of shift in demand and usage patterns, potentially signaling a new era for NFTs and digital asset inscriptions on the blockchain.
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