CryptoFees data shows that Bitcoin daily fees averaged $10.65 million from November 16 to November 18, surpassing Ethereum’s average fee of nearly $7 million for the same period.
Until 2024, the US Securities and Exchange Commission (SEC) is deferring decisions on several Bitcoin ETF applications, despite the market’s increasing optimism about the approval of a spot Bitcoin exchange-traded fund (ETF) in the US.
This hesitation has coincided with a remarkable surge in the top crypto’s average transaction fees, soaring over 1,000% to reach a peak of $18.67 on November 16, according to BitInfoCharts data.
The average daily transaction fees for BTC, totaling $37,370, have seen a reversal with Ethereum. This change comes in the wake of heightened activity related to Ordinals on the Bitcoin network.