Bitcoin Network Fees Surge by Almost 1,400% in November Amid Dominance of Top Blockchain Inscriptions

Bitcoin Network Fees Surge by Almost 1,400% in November Amid Dominance of Top Blockchain Inscriptions

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, 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.

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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.

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Hot Take

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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Daisy Hodley emerges as a luminary blending the roles of crypto analyst, devoted researcher, and editorial virtuoso into a harmonious symphony. In the realm of digital currencies, Daisy’s insights resonate with an exquisite resonance across a diverse spectrum of minds. Her adeptness in decoding intricate threads of crypto complexities seamlessly intertwines with her editorial finesse, translating intricacy into a captivating melody of understanding.

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