Bitcoin Fees Surpass Ethereum’s as Demand for Cryptocurrency Rises

**Bitcoin Dominates Ethereum in Daily Fees, Reaching $10.65 Million**

According to CryptoFees data, the average daily fees for Bitcoin surpassed Ethereum, reaching $10.65 million from November 16 to November 18. This figure significantly outpaced Ethereum’s fees, which averaged nearly $7 million during the same period. The surge in Bitcoin’s daily fees has coincided with the US Securities and Exchange Commission (SEC) deferring decisions on several Bitcoin ETF applications until 2024, despite growing market optimism. Additionally, there has been a remarkable surge in Bitcoin’s average transaction fees, which soared over 1,000% to reach a peak of $18.67 on November 16, based on BitInfoCharts data.

This fluctuation underscores the dynamic nature of transaction fees in the cryptocurrency space, with Bitcoin experiencing significant shifts in its fee landscape. Contrary to concerns about elevated transaction fees potentially deterring Bitcoin users, on-chain data suggests a contrasting trend. In fact, from late October, Ordinals inscriptions on the Bitcoin network increased by almost 6 million, indicating heightened activity related to Ordinals.

**Widespread Adoption And Growing Addresses**

Recent data from IntoTheBlock reveals a significant surge in Bitcoin adoption, hitting a new yearly high at 67.62% this week. This increase in adoption is reflected in the uptick of newly created active addresses, signaling a substantial influx of new participants into the market. Additionally, the volume of Bitcoin held by long-term investors has reached an unprecedented high, with over 1 million addresses now possessing more than 1 unit of Bitcoin. This data indicates a growing and robust interest in Bitcoin, despite concerns about transaction fees, as evidenced by both increased user participation and a rise in long-term holdings.

Since October 24, the network has redistributed approximately 800 BTC in fees, equivalent to $30 million, as a result of the production of nearly 6 million Ordinal assets. Following ORDI’s debut on Binance on November 7, the increase in Ordinals inscription activities gathered momentum.

*(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).*

*(Featured image from Freepik)*

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J-S Tremblay
About the author - J-S Tremblay

I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...

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