Renewed Interest in On-Chain Assets
BTC’s 7-day average transaction fees have outpaced those of Ethereum (ETH), indicating a renewed interest in on-chain assets. This shift challenges Ethereum’s traditionally higher fees and suggests a change in market dynamics.
BTC’s Dominance
Bitcoin, as the pioneer digital currency, has seen a whole lot of uptick in transaction fees, with the average daily transaction fees on Bitcoin (BTC) surpassing those of Ethereum (ETH). On November 20, Bitcoin’s average daily transaction fee was $10.34, surpassing Ethereum (ETH), which recorded an average fee of $8.43 for the same period. BTC’s average daily trading fee reached a six- 30 days high of $18.67 on November 16, contrasting with Ethereum’s fees of $7.90.
This unexpected surge in Bitcoin (BTC) 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 whole lot of uptick in late October, leading to the redistribution of more than 800 Bitcoin in fees worth $30 Million to the network.
Hot Take
The recent surge in Bitcoin (BTC) 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 (BTC) continues to embrace on-chain assets, affecting the overall network dynamics.
Cino Gaperi stands out as a prominent crypto analyst, accomplished researcher, and adept editor, making significant contributions to the field of cryptocurrency. With a strong background in crypto analysis and research, Cino’s insights delve deep into the intricate aspects of digital assets, appealing to a diverse audience. His keen analytical skills are complemented by his editorial proficiency, allowing him to distill complex crypto information into easily digestible content.
