- Bitcoin’s daily transaction fees surpassed Ethereum’s for the first time since late 2020, reaching $11.6 million versus Ethereum’s $8.4 million.
- This marks a shift in the daily fee dynamics between the two largest cryptocurrencies.
- However, Ethereum still leads in weekly average fees at $9 million versus Bitcoin’s $5.5 million, as Ethereum processes more transactions overall.
Bitcoin‘s daily transaction fees have exceeded Ethereum’s for the first time since late 2020. This marks a shift in the fee dynamics between the two largest cryptocurrencies.
Bitcoin’s Fee Surge
Bitcoin’s transaction fees reached $11.6 million in a single day according to Cryptofees. This is the first time Bitcoin’s fees have surpassed Ethereum’s daily fees since 2020.
In comparison, Ethereum’s daily transaction fees were $8.4 million, slightly lower than Bitcoin’s. However, when looking at a 7-day average, Ethereum still leads with $9 million in average fees versus Bitcoin’s $5.5 million.
Ethereum’s Ongoing Dominance
While Bitcoin’s daily fees have overtaken Ethereum’s, Ethereum still maintains the upper hand for weekly average fees.
Ethereum has been processing more transactions than Bitcoin, contributing to its higher 7-day fee average. This new trend of Bitcoin surpassing Ethereum’s daily fees warrants ongoing observation regarding potential long-term implications.
Conclusion
Bitcoin exceeding Ethereum’s transaction fees marks a slight shift in daily fee dynamics between the two largest cryptocurrencies. However, Ethereum still processes more transactions overall, maintaining its lead in weekly average fees. Continued monitoring of this emerging trend will reveal if it leads to any lasting changes in the fee structures.
