Bitcoin (BTC) network fees see a huge increase in November as demand for ordinal numbers floods the leading blockchain.
Data from CryptoFees.info finds that BTC transaction fees skyrocketed from $779,549 at the start of the month to a peak of $11.63 million on November 17, an increase of 1,391%.
The number has dropped slightly and is hovering around the $11.559 million mark.
Bitcoin ordinal numbers allow users to enroll digital assets such as images and videos into a single satoshi, or individual unit of BTC, to create the equivalent non-fungible tokens (NFTs) on the crypto king’s network.
Data from blockchain tracker Dune Analytics finds that ordinal numbers have dominated BTC transactions.
According to Dune, the vast majority of BTC transactions in November involved ordinal numbers, especially those that embed text on satoshis, the lowest value of the major crypto assets by market capitalization.
Dune also reveals that there have been 41,666,862 ordinal inscriptions to date, generating fees of 2,809,5313 in BTC worth $102,901 million at the time of writing.
Earlier this week, widely followed crypto analyst The Flow Horse said that Ordinals (ORDI), the token associated with BTC’s ordinal protocol, is showing signs of continuing its bullish momentum.
“[ORDI] it looks like there’s another leg going up. ORDI remains lifted and is a new pair breaking its first consolidation without flashing warning signs of overheating.”
ORDI is trading at $23.80 at the time of writing, up 4.75% over the past 24 hours, while BTC is trading at $36,704, up fractionally in the same time frame.
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Generated image: Midjourney