Bitcoin Fees Soar in November: Digital Inscriptions Drive Surge
In November, Bitcoin's network underwent a remarkable surge in transaction fees due to a heightened demand for incorporating data into the blockchain.
According to CryptoFees.info data, BTC transaction fees surged from an initial $779,549 to a staggering peak of $11.63 million on November 17th, marking an unprecedented 1,391% increase.
Although there’s been a slight pullback, the fees are currently around $11.559 million.
Bitcoin users have been leveraging the ability to embed digital assets, such as images and videos, into individual units of BTC known as satoshis, thereby creating non-fungible tokens (NFTs) on the network.
Data analysis from Dune Analytics highlights the dominance of these digital embeddings in BTC transactions during November.
Dune Analytics reports that a significant majority of BTC transactions in November involved digital embeddings, especially those integrating text onto satoshis, the smallest denomination within the cryptocurrency.
The recorded data shows a substantial count of 41,666,862 digital inscriptions so far, generating fees equivalent to 2,809.5313 in BTC, valued at $102,901 million at the time of reporting.
READ MORE: ADA’s Projected Breakout: Crypto Analyst’s Insights
In recent market analysis, prominent crypto analyst The Flow Horse expressed positive sentiments regarding Ordinals (ORDI), the token associated with BTC’s digital embedding protocol. The analyst suggested a promising outlook for ORDI:
“[ORDI] seems poised for further growth. Its strength is evident as it breaks out from its initial consolidation phase, showing no signs of overheating.”
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
