According to Cointelegraph: Bitcoin transaction fees have exceeded Ethereum's, linked to a surge in Ordinals-related activities on the Bitcoin network. Data from BitInfoChart as of November 20 shows the average daily fee for Bitcoin transactions at $10.34, compared to Ethereum's average transaction fee of $8.43.
A six-month high was seen on November 16 with Bitcoin's average daily transaction fee hitting $18.67, while Ethereum's fee was at $7.90. The spike in Bitcoin transaction fees is said to be associated with a refreshed interest in Ordinals Protocol-inscribed assets, a tool for crafting nonfungible token (NFT)-like assets and BRC-20 tokens on Bitcoin.
Activity for Ordinals-based assets, after a noteworthy slump between September 25 and October 23, saw a significant surge towards the end of October, as per data from Dune Analytics. Over six million Ordinal assets were created since October 24, leading to upwards of 800 BTC in fees (valued around $30 million) being funneled back into the network.
