Average Bitcoin transaction fees rose to US$5.93 on Monday, the highest in over five months, amid the latest surge in interest in Ordinals inscriptions.
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- Ordinals, an iteration of non-fungible tokens (NFTs) on the Bitcoin blockchain, recorded US$18.33 million in sales over the past seven days, a 191% weekly surge, according to data from CryptoSlam.
- The rate of Ordinals inscriptions, which has slowed down throughout October, also started to pick up its pace. Ordinals surpassed 38 million total inscriptions on Sunday, according to Dune Analytics data.
- The last time transaction fees on the Bitcoin network were this high was in June, according to BitInfoCharts. June was the last month Bitcoin Ordinals recorded over US$100 million in secondary sales, CrypoSlam data shows.
- In October, Bitcoin Ordinals generated more than US$16 million in secondary sales. November’s running total has already surpassed last month’s record, currently standing at US$18.5 million.
- Weekly Ordinals buyers rose 18.4% to 13,176 buyers, while weekly transactions increased by 80.9% to 35,786, according to CryptoSlam.
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