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CryptoFees information reveals that Bitcoin daily fees averaged $10.65 million from November 16 to November 18, surpassing Ethereum’s common price of almost $7 million for a similar interval.

Until 2024, the US Securities and Exchange Commission (SEC) is deferring selections on a number of Bitcoin ETF functions, regardless of the market’s rising optimism concerning 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 line with BitInfoCharts information.

The common every 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 every 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 price panorama.

Contrary to worries concerning the potential deterrent impact of elevated transaction charges on Bitcoin customers, on-chain information suggests a contrasting development.

From late October, Ordinals inscriptions elevated by virtually 6 million. Source: Dune Analytics

Widespread Adoption And Growing Addresses

Recent information from IntoTheBlock reveals a notable surge in Bitcoin adoption, hitting a brand new yearly excessive at 67.62% this week.

This improve in adoption is mirrored within the uptick of newly created energetic addresses, signaling a considerable inflow of recent individuals 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 information signifies a rising and strong curiosity in Bitcoin, regardless of considerations 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, because of the manufacturing of almost 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.

(This website’s content material shouldn’t be construed as funding recommendation. Investing entails threat. When you make investments, your capital is topic to threat).

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