Bitcoin’s (BTC) network fees experienced a substantial surge in November as demand for ordinals, which allow the inscription of digital assets on the blockchain, overwhelms the leading cryptocurrency’s network.
Data from CryptoFees.info reveals that BTC transaction fees surged from $779,549 at the beginning of the month to a peak of $11.63 million on November 17th, representing a remarkable increase of 1,391%. Although the figure has slightly retraced, it remains around the $11.559 million mark.
Ordinals in Bitcoin enable users to inscribe digital assets like images and videos to a single satoshi, the smallest unit of BTC, creating equivalent non-fungible tokens (NFTs) on the blockchain.
Blockchain tracker Dune Analytics data indicates that ordinals have dominated BTC transactions in November. The majority of BTC transactions during this period involved ordinals, especially those embedding text onto satoshis.
Dune Analytics reports a total of 41,666,862 ordinal inscriptions to date, generating fees of 2,809.5313 BTC, valued at $102.901 million at the time of writing.
Earlier this week, The Flow Horse, a well-known crypto analyst, suggested that Ordinals (ORDI), the token associated with BTC’s ordinal protocol, is displaying signs of continued bullish momentum. ORDI is currently trading at $23.80, reflecting a 4.75% increase in the last 24 hours, while BTC is priced at $36,704, experiencing a marginal increase during the same period.