Average daily transaction fees on Bitcoin (BTC) have surpassed Ethereum after a surge in Ordinals-related activity on the Bitcoin network.
As of Nov. 20, the average daily transaction fee for Bitcoin was $10.34, while Ethereum’s transaction fees averaged $8.43, according to BitInfoChart data.
Bitcoin’s average daily trading fee hit a six-month high on Nov. 16 at $18.67, while Ethereum’s fees reached $7.90.
The sudden increase in Bitcoin transaction fees is due to renewed interest in assets using the Ordinals Protocol, a tool for creating nonfungible token (NFT)-like assets and BRC-20 tokens on Bitcoin.
Following a significant period of inactivity from Sept. 25 to Oct. 23, Ordinals-based assets saw a significant increase in late October, according to Dune Analytics data.
Related: Bitcoin Ordinals team launches nonprofit to grow protocol development
Since Oct. 24, over 6 million Ordinal assets have been created, resulting in more than 800 BTC in fees — worth $30 million — being redistributed to the network.
The increase in Ordinals inscription activity has accelerated with the listing of ORDI, the second largest BRC-20 token by market cap, on Binance on Nov. 7. This listing sparked a broader wave of BRC-20 buying activity with the price of the ORDI token increasing by over 50% in a single day.
Additionally, on Nov. 17, the Ordinals-based project Taproot Wizards announced a $7.5 million seed round.
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