Bitcoin outpaces Ethereum on multiple fronts: Will this reflect on prices?
- The top two NFT collections in the last 24 hours belonged to Bitcoin.
- Bitcoin recorded higher average transaction fees than Ethereum in the last few days.
Bitcoin [BTC] extended its winning run in the non-fungible token (NFT) landscape, recording the highest sales volume for any blockchain in the last 24 hours.
The new home of NFTs
According to CryptoSlam data accessed by AMBCrypto, there were $16.94 million in sales on the first-generation blockchain, outperforming traditional giant Ethereum [ETH] by a significant margin.
Furthermore, the top 2 NFT collections in the last 24 hours belonged to Bitcoin, with SATS BRC-20 NFTs leading the pack.
The gulf was wider when data from the last seven days was analyzed. A whopping $177 million worth of NFT trades were settled on Bitcoin in the past week, marking an increase of 88%. In contrast, Ethereum saw just $70 million in sales in the said time period.
The fillip provided by Bitcoin-based NFTs came as a ray of sunshine for the harsh NFT winter. Trade volumes recovered dramatically in November after an extended period of decline.
Ordinals are back
The primary driver of Bitcoin’s burgeoning NFT ecosystem was the Ordinals inscriptions. Since its launch in January 2023, Ordinals have played a key role in expanding the Bitcoin blockchain’s utility.
As seen from Dune’s data, Ordinals inscriptions surged in November, putting the decline in October behind them. More than 5.6 million inscriptions have been minted since the beginning of November, representing a month-to-date (MTD) growth of 15%.
Ordinals focus on BTC’s smallest units, satoshis. The protocol allows users to inscribe each satoshi with data. This data can include smart contracts, which are then used to enable NFTs.
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Bitcoin beats Ethereum in average fees
The return of the Ordinals frenzy boosted network activity on the blockchain. Notably, transaction fees have surged upwards since the start of November.
In fact, the average fees charged for a transaction on Bitcoin has consistently exceeded Ethereum’s over the last few days, AMBCrypto discovered using Glassnode’s data. On 20 November, the mean fees stood at $10.35 for Bitcoin, while for Ethereum it was $8.43.