Data from CryptoFees shows that Bitcoin Daily Fees averaged $10.65 million from November 16-18, surpassing Ethereum’s average fees of nearly $7 million for the same period.
The U.S. Securities and Exchange Commission (SEC) is postponing decisions on several Bitcoin ETF applications until 2024, despite growing market optimism about approving an exchange-traded fund (ETF) Bitcoin spot in the United States.
This hesitation coincided with a remarkable increase in average transaction fees for major cryptocurrenciesclimbing more than 1,000% to a high of $18.67 on Nov. 16, according to BitInfoCharts data.
The average daily transaction fees for BTC, totaling $37,370, saw a reversal with Ethereum. This change follows increased activity related to Ordinary on the Bitcoin network.
Bitcoin has outpaced Ethereum in daily fees in the last five days. Source: BitInfoCharts
This fluctuation highlights the dynamic nature of transaction fees in the cryptocurrency space, with Bitcoin experiencing notable changes in its pricing landscape.
Contrary to concerns about the potential chilling effect of high transaction fees on Bitcoin users, on-chain data suggests a mixed trend.
From late October, Ordinals inscriptions increased by almost 6 million. Source: Dune Analytics
Widespread adoption and growing addresses
Recent data from IntoTheBlock reveals a notable increase in Bitcoin adoption, reaching a new yearly high of 67.62% this week.
This increase in adoption is reflected in the increase in the number of newly created active addresses, signaling a substantial influx of new participants into the market.
Bitcoin retakes the $37K territory. Chart: TradingView.com
Ordinals are gaining momentum
Additionally, the volume of Bitcoin held by long-term investors has reached an unprecedented level, with over a million addresses now owning more than one unit of Bitcoin.
This data indicates growing and robust interest in Bitcoin, despite concerns over transaction fees, as evidenced by both increased user participation and increased long-term holdings.
Since October 24, the network has redistributed approximately 800 BTC in fees, the equivalent of $30 million, thanks to the production of nearly 6 million Ordinal assets.
Following the debut of ORDI (the second largest BRC-20 token by market capitalization) on Binance on November 7, the increase in Ordinal listing activity accelerated.
(The content of this site should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from Freepik
