Bitcoin’s 7-day average transaction fee has surpassed that of Ethereum, according to The Block Data Dashboard.
In the last week alone, the average Bitcoin transaction fee increased 48.4% from $8.59 on November 12 to $12.75 on November 19. In contrast, Ethereum’s average transaction fee was $7.55 on November 19.
“While both chains have seen an increase in activity recently (and in turn fees), the recent resurgence of Ordinals minting and trading appears to have pushed Bitcoin to have a higher average transaction fee than that of Ethereum,” said The Block research analyst Rebecca Stevens.
The 7-day moving average of the average transaction fee on Bitcoin has surpassed that of Ethereum since Nov. 9, Stevens noted, adding that the gap is now much wider than when it briefly changed in early October.
Bitcoin Ordinals
Bitcoin Ordinals are a type of non-fungible token registered on the Bitcoin network. Several advances over the last decade have made minting non-fungible tokens, along with their metadata, cheaper and easier on the Bitcoin network.
September saw a spike in Ordinals trading, followed by a drop in October, The Block previously reported. Startups specializing in Bitcoin Ordinals have seen venture capital interest, such as Taproot Wizards’ initial $7.5 million raise on November 16.
