CoinMetrics: Daily Transaction Fees for Bitcoin (BTC) Take New Lead Over Ethereum (ETH)
- While Bitcoin’s transaction rose by over 40%, Ethereum’s fees only rose by 18.4%
- Presently, Bitcoin is valued at $9,351.25.
Bitcoin has consistently reigned as the top cryptocurrency in the industry over the last decade, regardless of the success of the altcoins available. Now, information from CoinMetrics reveals that Bitcoin (BTC) managed to extend the lead far beyond Ethereum (ETH), as far as daily transaction fees go. While the top altcoin managed to flip Bitcoin last month in this area, the success didn’t last.
BTC daily transaction fees are beginning to pull significantly back ahead of ETH, after ETH threatened to flip BTC fees over the last few months.
— CoinMetrics.io (@coinmetrics) October 29, 2019
In the last week, the transaction fees of Bitcoin rose by 42.2%, as the average fees reached $268,700. Comparatively, the Ethereum network saw about $93,500 in fees for the same time, rising by 18.4%. Over the course of seven days, Bitcoin managed to completely overcome every other crypto asset, apart from a few Chinese altcoins.
U.Today reports that the total fees amounted to 153.9 BTC, which is approximately $1.4 million at the current prices. That number followed a 20% green candle for Bitcoin, which popped up on April 2nd.
In December 2017, Bitcoin historically reached $20,000, and the fees jumped to about $55. Just to send $25, one Twitter user reported having to pay a $16 fee.
At the time of writing, Bitcoin was priced at $9,351.25 after losing 0.30% in the last 24 hours.