Bitcoin Flips Ethereum in Transaction Fee Frenzy
BTC Transaction Fees Surpass Ethereum's as Ordinals Hype Resurfaces
Bitcoin transaction fees overtake Ethereum’s as Ordinals hype returns.
Do you hear that? It’s the sweet sound of victory! Bitcoin (BTC) has surpassed Ethereum as the leader in average daily transaction fees. It’s like a heavyweight bout, and Bitcoin just delivered a knockout punch to its rival.
On November 20, Bitcoin’s average daily transaction fee stood proudly at $10.34, while Ethereum trailed behind at $8.43, according to trustworthy BitInfoChart data. This marks a turning point in the ongoing battle for crypto dominance.
But wait, there’s more! Bitcoin’s transaction fees hit a six-month high on November 16, peaking at a whopping $18.67. Ethereum, for all its might, could only manage $7.90. Looks like Bitcoin is flexing its muscles and showing who’s boss.
So, what sparked this sudden surge in Bitcoin transaction fees, you ask? Well, it all comes down to the Ordinals Protocol. This fancy tool allows the creation of nonfungible token (NFT)-like assets and BRC-20 tokens on Bitcoin. It’s like Bitcoin put on a superhero cape and said, “I can do that too!”
After a period of relative calm between September 25 and October 23, things took a sharp turn in late October. A wave of Ordinals-based assets flooded the Bitcoin network, shaking things up like a superhero battling villains. Just take a look at the Dune Analytics data. The number of Ordinals inscriptions skyrocketed by over 6 million since late October. Talk about an army!
And boy, did Bitcoin profit from this new influx of activity. Over 6 million Ordinal assets have been created since October 24, resulting in a staggering 800 BTC in fees. That’s equivalent to a cool $30 million! It’s raining fees!
But that’s not all. The cherry on top was the listing of ORDI, the second-largest BRC-20 token by market cap, on Binance on November 7. This sent shockwaves through the crypto world, triggering a buying frenzy among traders. The price of the ORDI token shot up by over 50% in just one day. Now that’s what I call a mic drop!
And if you thought things couldn’t get crazier, think again. Taproot Wizards, a project based on the Ordinals protocol, recently announced a mind-blowing $7.5 million seed round on November 17. It’s like the crypto world couldn’t get enough of this magical protocol.
So, my fellow crypto enthusiasts, rejoice! Bitcoin has shown its supremacy, defeating Ethereum in the battle of daily transaction fees. It’s a victory for the ages. Let’s raise our digital glasses and toast to the unstoppable force that is Bitcoin!
Now, if you excuse me, I’m off to create my own Ordinal asset. Who’s ready to join the revolution?
Stay tuned for more crypto adventures, witty insights, and humorous takes on the world of digital assets.
Remember, when it comes to Bitcoin, keep calm and hodl on!