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29 November 2023
The transaction cost on the Bitcoin network has surpassed Ethereum’s figure.

The average fee size on the Bitcoin network has exceeded Ethereum’s figure due to growing interest in Ordinals.

Over the last seven days, the average transaction fee on the Bitcoin network has increased by 49%, reaching $12.75, while the corresponding figure for Ethereum is $7.55.

The Block researcher, Rebecca Stevens, notes that despite increased activity in both networks, the growth in the issuance and trading of Ordinals has contributed to the increase in the average fee, surpassing the level of Ethereum. This trend is confirmed by a chart showing a sharp increase in the daily issuance volume of Ordinals in November after a recent decline in September-October.

Since the protocol’s launch, approximately 42.6 million “bitcoin-NFTs” have been issued. The total amount of associated fees reached 2952 BTC (109 million dollars).

Earlier reports indicated an increase in fees on the Bitcoin and Ethereum networks to monthly highs.