Data from BitInfoCharts reveals that the average transaction fee of Bitcoin has reached its highest level since May, increasing by over 2,000% from its lowest point in August, which was $0.64.
According to data aggregation tools, an average BTC transaction will cost around $15.86 as of the time of writing.
Market observers believe that this sudden increase is due to newfound enthusiasm surrounding Ordinals.
Ordinal Inscriptions are digital assets similar to NFTs inscribed on satoshis, the smallest denomination of BTC. These assets gained popularity earlier in the year, foreshadowing Bitcoin’s entry into the NFT space. However, interest in them quickly waned as the market landscape evolved.
Now, these assets are experiencing a resurgence after Binance listed Ordinals’ token ORDI on its platform. Following this news, the cryptocurrency token’s value has increased by over 290% in the past seven days, according to CoinMarketCap data.
Data from Dune Analytics, managed by dgtl_assets, also shows that the daily registration count on Bitcoin has averaged over 150,000 once again after a brief lull from September to October. On the dashboard, approximately 39 million inscriptions have been minted, generating 2,346 BTC, equivalent to around $85.45 million in transaction fees.
CryptoSlam data reveals that this increase has also pushed Bitcoin to become the second-largest blockchain by NFT sales volume, second only to Ethereum.