CryptoFees knowledge exhibits that Bitcoin daily fees averaged $10.65 million from November 16 to November 18, surpassing Ethereum’s common charge of practically $7 million for a similar interval.
Until 2024, the US Securities and Exchange Commission (SEC) is deferring selections on a number of Bitcoin ETF purposes, regardless of the market’s growing optimism in regards to the approval of a spot Bitcoin exchange-traded fund (ETF) within the US.
This hesitation has coincided with a exceptional surge in the top crypto’s average transaction fees, hovering over 1,000% to achieve a peak of $18.67 on November 16, in keeping with BitInfoCharts knowledge.
The common day by day transaction charges for BTC, totaling $37,370, have seen a reversal with Ethereum. This change comes within the wake of heightened exercise associated to Ordinals on the Bitcoin community.
Bitcoin has outpaced Ethereum in day by day charges within the final 5 days. Source: BitInfoCharts
This fluctuation underscores the dynamic nature of transaction charges within the cryptocurrency house, with Bitcoin experiencing notable shifts in its charge panorama.
Contrary to worries in regards to the potential deterrent impact of elevated transaction charges on Bitcoin customers, on-chain knowledge suggests a contrasting pattern.
From late October, Ordinals inscriptions elevated by virtually 6 million. Source: Dune Analytics
Widespread Adoption And Growing Addresses
Recent knowledge from IntoTheBlock reveals a notable surge in Bitcoin adoption, hitting a brand new yearly excessive at 67.62% this week.
This enhance in adoption is mirrored within the uptick of newly created lively addresses, signaling a considerable inflow of latest members into the market.
Bitcoin retakes the $37K territory. Chart: TradingView.com
Ordinals Gathering Momentum
Additionally, the quantity of Bitcoin held by long-term traders has reached an unprecedented excessive, with over 1 million addresses now possessing greater than 1 unit of Bitcoin.
This knowledge signifies a rising and strong curiosity in Bitcoin, regardless of issues about transaction charges, as evidenced by each elevated consumer participation and an increase in long-term holdings.
Since October 24, the community has redistributed roughly 800 BTC in charges, equal to $30 million, on account of the manufacturing of practically 6 million Ordinal belongings.
Following ORDI’s (the second-largest BRC-20 token by market capitalization) debut on Binance on November 7, the rise in Ordinals inscription actions gathered momentum.
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