Bitcoin (BTC) network fees are seeing a massive surge in November as demand for ordinals floods the leading blockchain.
Data from CryptoFees.info finds that BTC’s transaction fees skyrocketed from $779,549 at the start of the month to a peak of $11.63 million on November 17th, an increase of 1,391%.
The number has slightly retraced and is hovering around the $11.559 million mark.
Bitcoin ordinals allow users to inscribe digital assets such as images and videos to a single satoshi, or an individual unit of BTC, to create the equivalent non-fungible tokens (NFTs) on the crypto king’s network.
Data from blockchain tracker Dune Analytics finds that ordinals have dominated BTC’s transactions.
According to Dune, the overwhelming majority of BTC transactions during November involved ordinals, particularly ones