In a dramatic shift in the world of cryptocurrency networks, Bitcoin’s average daily transaction fees have edged ahead of Ethereum’s for the first time in 2023.
According to data from BitInfoCharts, Bitcoin’s fees reached $10.34 on November 20th, while Ethereum lagged at $8.43. This sudden flip in fee dominance is largely attributed to a staggering surge in activity related to Ordinals protocols on the Bitcoin blockchain.
Keypoints
- Bitcoin’s average daily transaction fees have surpassed Ethereum’s fees for the first time in 5 days, reaching $10.34 vs Ethereum’s $8.43
- This is largely due to a surge in activity related to Ordinals protocols on Bitcoin – over 6 million new Ordinal inscriptions since late October
- Increased Ordinals activity has led to congestion on Bitcoin’s network, resulting in delays and higher transaction fees
- The rise in Bitcoin fees highlights potential scalability issues compared to…
