Rising Demand for On-Chain Assets Drives Bitcoin Transaction Fees Beyond Ethereum’s

Rising Demand for On-Chain Assets Drives Bitcoin Transaction Fees Beyond Ethereum's

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.

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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.

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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.

Author – Contributor at | Website

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.

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