CryptoFees data shows that Bitcoin daily costs averaged $10.65 million between November 16 and 18, surpassing Ethereum’s average fee of nearly $7 million for the same period.
Until 2024, the US Securities and Exchange Commission (SEC) is postponing decisions on several Bitcoin ETF applications, despite growing market optimism over the approval of a spot Bitcoin exchange-traded fund (ETF) in the US.
This hesitation coincided with a notable one increase in the average transaction costs of the top cryptosurging more than 1,000% to reach a peak of $18.67 on November 16, according to BitInfoCharts data.
Average daily transaction fees for BTC, totaling $37,370, have seen a reversal on Ethereum. This change comes in the wake of increased activity related to diabetes Ordinals on the Bitcoin network.
Bitcoin has outpaced Ethereum in daily fees in the last five days. Source: BitInfoCharts
This fluctuation underlines the dynamic nature of transaction fees in the cryptocurrency space, with Bitcoin experiencing notable shifts in its fee landscape.
Contrary to concerns about the potential chilling effect of higher transaction fees on Bitcoin users, on-chain data suggests a contrasting trend.
From late October, Ordinals inscriptions increased by almost 6 million. Source: Dune Analytics
Widespread adoption and growing addresses
Recent data from IntoTheBlock shows a notable increase in Bitcoin adoption, with a new yearly high of 67.62% this week.
This increase in adoption is reflected in the increase in newly created active addresses, indicating a substantial influx of new participants into the market.
Bitcoin retakes the $37K territory. Chart: TradingView.com
Ordinals gather momentum
Furthermore, the volume of Bitcoin held by long-term investors has reached an all-time high, with more than 1 million addresses now owning more than 1 unit of Bitcoin.
This data indicates growing and robust interest in Bitcoin, despite concerns about transaction fees, as evidenced by both increased user participation and a rise in long-term investments.
Since October 24, the network has redistributed approximately 800 BTC in fees, equivalent to $30 million, due to the production of almost 6 million Ordinal assets.
Following the debut of ORDI (the second largest BRC-20 token by market cap) on Binance on November 7, the increase in Ordinals inscription activity gained momentum.
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