Bitcoin transaction costs have surpassed Ethereum’s level

Average transaction fees on the Bitcoin blockchain have surpassed Ethereum’s corresponding metric as interest in Ordinals revived.

Over the past seven days, the average cost of a transaction on the Bitcoin network rose 49%, from $8.59 to $12.75. Ethereum’s metric stands at $7.55.

“Although activity has recently surged on both networks (and thus fees), the recent revival of Ordinals issuance and trading seems to have pushed the average fee above Ethereum’s,” отметила исследовательница The Block Ребекка Стивенс.

On the chart below, the November spike in the daily Ordinals issuance is visible after a deep drop in September–October.

Since the protocol’s launch, about 42.6 million “Bitcoin-NFTs” have been issued. The total fees tied to the inscriptions reached 2,952 BTC ($109 million).

Earlier ForkLog reported a surge in fees across the Bitcoin and Ethereum networks to monthly highs.