Blockchain Brawls Bitcoin and Ethereum Networks Battle with Rising Fees amidst Crypto Craze

Increased Crypto Usage Leads to High Fees in Bitcoin and Ethereum Networks

Hey there, fellow crypto enthusiasts! Have you heard the latest news? Bitcoin (BTC) and Ethereum (ETH) transaction fees are skyrocketing faster than a rocket-powered rollercoaster! It’s like trying to buy a ticket to the moon and ending up with a hole in your wallet.

According to the genius minds at BitInfoCharts, the average BTC transaction fee has hit a whopping $10! That’s right, folks, we’ve gone from paying less than $2 earlier this month to now dishing out ten big ones. It’s like buying a fancy cup of coffee and finding out it costs as much as a three-course meal at a five-star restaurant. Talk about inflation!

But wait, it gets spicier. On October 16 and 18, the average BTC fees reached a jaw-dropping $18! That’s higher than the Empire State Building on a cloudy day. It seems like Bitcoin’s popularity is soaring, and so are its transaction costs.

Not to be outdone, Ethereum is also joining the fee frenzy. Gas fees on the Ethereum network have spiked to over 100 gwei! To put it into perspective, it’s like paying for premium gasoline when all you need is a quick refill. It’s costing users over $60 to make a simple swap, around $110 to sell an NFT, and $20 just to bridge assets. It’s like trying to take a leisurely stroll in the park and getting charged for running a marathon!

• Bitcoin CEO predicts more complex situations before the listing of Bitcoin ETF
• Crypto Platform Strike and Checkout.com Join Forces to Make Bitcoin Buying Possible in Over 65 Countries
• SEC Delays Decision on Global X Spot Bitcoin ETF The Waiting Game Continues

And here’s a mind-boggler for you. According to the CryptoFees data maestros, Bitcoin’s daily fees averaged a staggering $10.65 million from November 16 to November 18. That’s more than Ethereum’s average fee of $6.9 million for the same period. It’s like Bitcoin is saying, “Move aside, Ethereum, the king of fees has arrived!”

Now, let’s dive into the heart of the matter. Who or what is behind this fee mayhem? Market analysts have unleashed their Sherlock Holmes skills and uncovered the revival of Ordinal Inscriptions as the culprit. These sneaky digital assets, like mischievous NFTs, but on Bitcoin’s smallest denomination, satoshis, are causing havoc in the network. They gained fame earlier this year, signaling Bitcoin’s venture into the NFT sector.

Just when we thought the Ordinal frenzy was over, it came back stronger than ever. These mischievous assets expanded their reach to other blockchain networks like Polygon and Litecoin. It’s like a game of NFT Whac-A-Mole. They pop up in one place, you pound them down, and they appear somewhere else, teasing us with their mischief.

Back in May, the rising popularity of Ordinals led to network congestion, with a mind-boggling 500,000 unconfirmed transactions. It sent the average BTC transaction fee skyrocketing. The network was busier than a beehive during peak honey-making season. It was chaos, my crypto-loving friends!

Bitcoin developers even contemplated releasing an upgrade to put an end to the Ordinal madness. Ali Sherief, a brilliant mind among Bitcoin core developers, suggested introducing a runtime option to delete all non-standard Taproot transactions, including those mischievous Ordinals and BRC-20 tokens. It’s like unleashing the ultimate exterminator to rid us of these pesky crypto critters.

But fear not, my fellow crypto enthusiasts. It’s not all doom and gloom in the crypto universe. Bitcoin adoption is soaring like a phoenix on steroids! According to the gurus at IntoTheBlock, Bitcoin adoption has reached a mind-blowing 67.62%, a new yearly high. It’s like Bitcoin is the hottest trend since sliced bread.

The number of newly created active addresses is rising, indicating an influx of new market participants. Bitcoin is attracting more attention than a shiny disco ball at a dance party. And hold on to your seats because the volume of BTC held by long-term investors has hit an all-time high! Over 1 million addresses now hold more than 1 unit of Bitcoin. It’s like an army of HODLers ready to conquer the crypto world.

Even Santiment, the masters of blockchain analytics, supports these findings. They’ve noticed an increase in smaller wallets with less than 1 BTC. It’s like the crypto world is experiencing its own version of David and Goliath, with the little guys entering the arena and taking their shot at glory.

So, my crypto comrades, buckle up and enjoy the ride. As we witness the fee frenzy and the rise of Bitcoin’s popularity, remember that cryptocurrencies are like a rollercoaster – thrilling, unpredictable, and sure to make your heart race. Embrace the madness, stay informed, and keep spreading the crypto love!

Have you experienced the recent surge in Bitcoin and Ethereum transaction fees? Share your thoughts and fee-fueled adventures in the comments below!

We will continue to update Blocking; if you have any questions or suggestions, please contact us!