Bitcoin and Ethereum are experiencing another surge in transaction fees due to increased demand for blockspace. This highlights the need for scalability solutions like layer 2s and rollups. On November 9th, Ethereum gas fees reached a level not seen since June 2022, resulting in higher trading swap costs. Bitcoin fees also spiked to a six-month high on the same day. The execution of financial transactions is further complicated by an increase in Ordinal inscriptions. Despite this, the cost of Ether transfers has decreased. Bitcoin Layer 2s, such as Lightning Network and Liquid Network, aim to enhance the scalability of the Bitcoin network. However, Muneeb Ali, co-creator of Stacks, believes that Bitcoin layer 2s still have a long way to go compared to other layer 1 solutions.
Bitcoin, Ethereum Fee Frenzy Strikes Again Amidst Increased Calls for Scalability Solutions
US & Israeli team, studied finance and journalism & analytical markets.
The team have been professional traders for over 6 years.
Specializes in cryptocurrencies and has done extensive research on the available currencies and exchanges
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