It has been just reported that the Bitcoin network fees have skyrocketed about 1,400% in November. Check out more details about the matter below.
Bitcoin network fees explode by almost 1,400%
In November, there has been a significant surge in the network fees of Bitcoin (BTC) due to a high demand for ordinals which are flooding the blockchain.
According to data from CryptoFees.info, the transaction fees of BTC have increased by 1,391% from $779,549 at the start of the month to a peak of $11.63 million on November 17th.
Although there has been a slight decrease, the fees are still hovering around the $11.559 million mark.
Users can use Bitcoin ordinals to create non-fungible tokens (NFTs) by inscribing digital assets such as images and videos with a single satoshi or an individual unit of BTC on the cryptocurrency’s network.
Blockchain tracker Dune Analytics has reported that ordinals have been the predominant type of transaction on the Bitcoin network.
During November, the vast majority of BTC transactions involved ordinals, particularly those that included text within satoshis, which are the smallest denomination of Bitcoin.
Dune Analytics further reveals that to date, there have been 41,666,862 ordinal inscriptions generating fees of 2,809.5313 in BTC, which is worth $102,901 million at the time of writing.
The token associated with BTC’s ordinal protocol, Ordinals (ORDI), is showing bullish momentum, according to the crypto analyst, The Flow Horse.
“[ORDI] looks like it is going to put in another leg up. ORDI is remaining lifted and is a new pair breaking out of what is its first consolidation with no flashing warning signs of overheating.”
Bitcoin price explosion on the way
Dave the Wave, a pseudonymous trader who accurately predicted the crypto market crash of 2021, has recently expressed optimism that Bitcoin’s price could be on the way to a sustainable rally back to its all-time highs.
In a recent post on social media platform X, Dave the Wave shared his analysis of Bitcoin’s current price movements, suggesting that there is a possibility of a new push to BTC’s current all-time high due to the strength of weekly momentum.
