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Bitcoin transaction fees flip Ethereum’s as Ordinals hype returns

Bitcoin transaction fees have surpassed Ethereum’s amid a surge in activity related to the Ordinals Protocol.
The average daily transaction fee for Bitcoin stood at $10.34 on Nov. 20, while Ethereum’s average daily fee was $8.43.
Bitcoin’s fees hit a six-month high of $18.67 on Nov. 16, coinciding with the renewed market interest in assets using the Ordinals Protocol.
This surge in Bitcoin transaction fees is attributed to the creation of over 6 million Ordinal assets since late October, resulting in around 800 BTC in fees.
Furthermore, the listing of ORDI, the second-largest BRC-20 token by market cap, on Binance on Nov. 7, led to a significant increase in BRC-20 buying activity.
Additionally, Taproot Wizards, an Ordinals-based project, announced a $7.5 million seed round on Nov. 17.

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