Dear Bitruers,
Today, we are excited to share a new article about Bitcoin Ordinals!. Be sure to follow Bitrue's Official Twitter and Telegram to stay updated!
Introduction
Bitcoin has recently taken the lead over Ethereum in terms of average transaction fees, marking a significant shift in the crypto landscape. The past week witnessed an astounding 48.4% increase in Bitcoin's average transaction fee, soaring from $8.59 on November 12 to $12.75 on November 19. In contrast, Ethereum's fees settled at $7.55 on the latter date.
Read More: Introducing Jupiter's JUP Token Tokenomics, Utility, and Airdrop
Impact of Ordinals Resurgence
The resurgence in Ordinals, a specific type of non-fungible token recorded on the Bitcoin network, appears to be a driving force behind this fee shift. September experienced a peak in Ordinals trading, followed by a decline in October. However, recent developments, including ventures like Taproot Wizards securing a $7.5 million seed raise on November 16, have reignited interest and activity in Bitcoin Ordinals.
Analyst Insights and Broader Implications
Analysts from The Block highlighted how this resurgence in Ordinals has pushed Bitcoin's transaction fees above Ethereum's. The 7-day moving average of Bitcoin's fees has consistently surpassed Ethereum's since November 9, indicating a widening gap between the two networks. This shift reflects a changing landscape within the crypto ecosystem, showcasing Bitcoin's adaptability to accommodate NFTs like Ordinals while experiencing fluctuating network fees.
Read More: What is Jupiter Exchange JUP and How Does It Work