Total Fees Spent On The Ethereum Blockchain Continues To Exceed The Bitcoin Blockchain
Quick Take
- Total fees spent on the Ethereum network continue to exceed the total spent on the Bitcoin network.
- Ethereum daily transaction count soars past 1,000,000 transactions.
The total spent on Ethereum fees continues to exceed fees spent on the Bitcoin network for three consecutive weeks, according to Glassnode, a cryptocurrency analytics platform.
While the total fee spend on the Ethereum blockchain has remained greater than Bitcoin for multiple weeks, fee volume spiked in early June as multiple transactions were sent with astronomically high fees.
Ethereum Daily Transactions Soar
The Ethereum blockchain is also seeing a surge in transaction activity as the daily transaction count soars past one million transactions.
The massive transaction volume nears the current all-time high of 1,349,980 transactions observed on January 4, 2018, as Ethereum soared to $1,000.
Average Transaction Fees On The Rise
Furthermore, average Ethereum transaction fees have been on the rise during the last three months.
Simultaneously, Bitcoin fees have been on the decline in recent weeks. Bitcoin fees have since declined to just $0.50 for next block confirmation.
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