Boutique Media & consulting group
BTC$66168
ETH$3163
BNB$601
XRP$0.55
Ethereum network’s transaction fees shortly reached five hundred thousand USD. The Ethereum blockchain has crossed Bitcoin network’s fees for daily transactions. On 7th June, the Ethereum network transaction fees touched approximately five hundred thousand USD mark for the 4th time in the network’s entire history.
By contrast, on the same day, BTC only fetched approximately three hundred thousand USD in blockchain transaction fees. This wide gap of around two hundred thousand USD between the two networks is noteworthy especially as it could emphasize the increased use of Ethereum as compared to Bitcoin.
The aforementioned info was first divulged by Glassnode, a digital asset analysis company. As per Glassnode, network fees on the ETH blockchain typically do not escalate higher than that of BTC. However, the noteworthy part behind the aforesaid rise is that Ethereum has managed to onboard a number of projects, including DeFi services and several other dApps on its blockchain, which might be the reason behind the transaction fees parity.
Notably, at the time of halving, Bitcoin network fees spiked significantly, in the month of May. Nevertheless, this rapidly adjusted subsequent to the halving. So far, many members of the Bitcoin community are still largely unconvinced that Bitcoin has been unsuccessful in breaking out as much as anticipated, since the halving.
See also
