Cointime

Cointime

Download App
iOS & Android

Bitcoin transaction fees flip Ethereum’s as Ordinals hype returns

Average daily transaction fees on Bitcoin have flipped with Ethereum following a frenzy of Ordinals-related activity on the Bitcoin network. 

On Nov. 20, the average daily transaction fee for Bitcoin stood at $10.34, while Ethereum’s transaction fees came to an average of $8.43, according to BitInfoChart data.

Bitcoin’s average daily trading fee notched a new six-month high on Nov.16, reaching a peak of $18.67, while Ethereum fees reached $7.90.

Bitcoin’s average daily fees have surged above Ethereum’s in the last five days. Source: BitInfoCharts

The sudden uptick in Bitcoin transaction fees stems from a renewed market appetite for assets inscribed with the Ordinals Protocol — a tool for creating nonfungible token (NFT)-like assets and BRC-20 tokens on Bitcoin.

Following a significant lull in activity between Sept. 25 and Oct. 23, Ordinals-based assets saw a drastic uptick beginning in late October, per Dune Analytics data.

The number of Ordinals inscriptions grew by over 6 million since late October. Source: Dune Analytics

Since Oct. 24, over 6 million Ordinal assets have been created, resulting in more than 800 BTC in fees — worth $30 million — being redistributed to the network.

The uptick in Ordinals inscription activity compounded as ORDI, the second largest BRC-20 token by market cap, was listed on Binance on Nov. 7. The listing spurred a wider wave of BRC-20 buying activity from traders with the price of the ORDI token jumping by just over 50% on the day.

Additionally, on Nov. 17, the Ordinals-based project Taproot Wizards announced a $7.5 million seed round.

Ordinals
Comments

All Comments

Recommended for you

  • Analyst: Bitcoin's recent surge may have given investors a false sense of security

    George Milling-Stanley, Chief Gold Strategist at Dow Jones Global Investment Management, believes that the recent surge in Bitcoin may give investors a false sense of security. Milling-Stanley stated, "Simply put, Bitcoin is an investment seeking returns, which suggests that investors are flocking to Bitcoin for capital gains, not because they see the value or use of Bitcoin." The launch of options based on spot Bitcoin ETFs last week may be related to this, as options allow investors to bet on the price volatility of Bitcoin with less cash instead of buying Bitcoin itself.

  • UK court dismisses Craig Wright's appeal against COPA

    On November 29th, according to BitMEX Research, the UK Court of Appeals has dismissed Craig Steven Wright's (CSW) appeal against the Cryptocurrency Open Patent Alliance (COPA), ruling that he lacked any substantive basis. In the case, CSW also complained that the court had adopted evidence from @lopp (James Lopp), but @lopp did not appear as a witness, which the court found to be unfounded. CSW's attempt to prove his claim as the author of the Bitcoin white paper, Satoshi Nakamoto, has once again been thwarted.

  • Binance will delist Gifto (GFT) spot trading pairs

     Binance has announced that deposits for Gifto (GFT) have been suspended as of November 29, 2024 due to potential security issues with the GFT smart contract. Binance may reopen GFT deposits if they deem it safe to do so, but will not issue any further announcements. Binance has decided to delist and cease trading for all Gifto (GFT) spot trading pairs on December 3, 2024 at 08:00 (UTC).

  • CointimeSG ·

    Strong Bitcoin ETF Inflows In Q4

    Also MicroStrategy Is Going Vertical And Is The Federal Reserve Turning Dovish?

    Strong Bitcoin ETF Inflows In Q4
  • CointimeSG ·

    The Secret Life of Order Types: How Hidden Orders and Dark Pools Shape the U.S. Market

    As a U.S.-based crypto trader, you’re probably familiar with market and limit orders—the straightforward way to execute a buy or sell. But beneath the surface lies a world of advanced order types, hidden algorithms, and even secretive trading pools where massive transactions flow without ever appearing on a public exchange.

    The Secret Life of Order Types: How Hidden Orders and Dark Pools Shape the U.S. Market

  • Japan's Financial Services Agency warns 5 unregistered overseas cryptocurrency exchanges

    On November 29th, according to CoinPost, the Japanese Financial Services Agency issued warning letters to five unregistered overseas cryptocurrency exchanges. These exchanges include KuCoin, bitcastle LLC, Bybit Fintech Limited, MEXC Global, and Bitget Limited.

  • Stablecoin issuance protocol usdx.money completes $45 million in financing

    On November 29th, stablecoin issuance protocol usdx.money completed a $45 million financing round, bringing the project's valuation to $275 million. NGC, BAI Capital, Generative Ventures, UOB Venture Management, and others participated in the funding, with some investors contributing through warrants. Existing supporters of the project include Dragonfly Capital and Jeneration Capital.

  • Russian President Vladimir Putin officially signs digital currency tax law

    Russian President Vladimir Putin has signed a law regulating the taxation of digital currencies. According to the law, digital currencies are recognized as property. This also applies to currencies used for foreign trade payments within the experimental legal framework (EPR) in the field of digital innovation. Mining and sales of digital currencies are exempt from value-added tax. Operators of mining infrastructure must report to the tax authorities issuing cryptocurrencies for using their services. Failure to submit such information on time may result in a fine of 40,000 rubles. In terms of personal income tax, digital currencies obtained through mining will be classified as physical income (usually used when goods or services are paid for instead of currency). The value of the income currency will be determined based on market quotes. Such income will be subject to progressive taxation, taking into account tax deductions for mining costs. At the same time, the acquisition, sale or other circulation of digital currencies will be subject to two-stage personal income tax rates (13% for income up to 2.4 million rubles, and 15% for income exceeding this amount). They will be included in the same tax base as securities, bank deposits, and other sources of transaction income. As for corporate income tax, digital currency mining will be subject to the standard tax rate (25% from 2025 onwards).

  • Taiwan forces cryptocurrency providers to register for anti-money laundering

    after authorities imposed fines on two cryptocurrency exchanges for related violations, Taiwan, China has advanced new anti-money laundering (AML) regulations for cryptocurrency businesses. On November 27, the Financial Supervisory Commission (FSC) announced that the upcoming registration requirements for anti-money laundering for cryptocurrency exchanges would be postponed from the previous deadline of January 1, 2025 to November 30. According to previous notices, virtual asset service providers (VASPs) that have not registered with the government may face up to two years imprisonment or a maximum fine of NT$5 million (US$155,900).

  • Supreme People's Procuratorate: Enhance the ability to combat money laundering crimes using new technologies and products such as virtual currency

    newly revised "Anti-Money Laundering Law of the People's Republic of China" will come into effect on January 1, 2025. The Secretary of the Party Group and Procurator-General of the Supreme People's Procuratorate, Ying Yong, emphasized the need to strengthen cooperation to combat money laundering crimes, accurately grasp the provisions of the revised anti-money laundering law on improving the scope of upstream money laundering crimes, and implement the anti-money laundering law and the criminal law's provisions on "money laundering" in a comprehensive manner. Accurately apply the "Interpretation of the Supreme People's Court and the Supreme People's Procuratorate on Several Issues Concerning the Application of Law in Handling Criminal Cases of Money Laundering," deepen the three-year action to combat and govern illegal money laundering crimes, punish money laundering and related crimes in accordance with the law, enhance the ability to combat money laundering crimes using new technologies, products, and businesses such as virtual currencies, and form a joint force to combat money laundering.

Daily Must-Read

Popular Activities

Delysium $AGI & AI Private Yacht Party

Delysium $AGI & AI Private Yacht Party

March 27 - March 27
Seoul

Popular Tags

Cointime
News
Contents
RSS
Company