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.
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.
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.”