Ethereum Network Fees Outperform Bitcoin Yesterday
Yesterday, Ethereum had a much higher network fee than Bitcoin. This has been a trend for the past few months, as Ethereum has been able to charge higher network fees than Bitcoin.
This is likely because Ethereum is able to handle more transactions than Bitcoin. Bitcoin has been struggling to keep up with the demand for transactions, and this has led to higher network fees.
However, this is not always the case. Sometimes Bitcoin will have a higher network fee than Ethereum. This is likely due to the popularity of Bitcoin and the fact that it is the most popular cryptocurrency.
Ethereum Fees Surpass Bitcoin in 24-Hour Span
Ethereum's fees surpassed Bitcoin's fees in a 24-hour span on Tuesday, according to data from CoinMarketCap.
Bitcoin fees averaged $3.78 during the 24-hour period, while Ethereum fees averaged $3.92. This represents a 116% increase in Ethereum fees over the past 24 hours.
Ethereum's surge in fees comes as the platform continues to grow in popularity. Ethereum is currently the second most valuable cryptocurrency on the market, with a market cap of $27.5 billion.
Record Spending on Ethereum Network Yesterday
Yesterday, the Ethereum network spent a total of $120,000 in transactions. This is a decrease from the previous day, when the network spent a total of $140,000 in transactions.
Ethereum Beats Bitcoin in Yesterday's Network Fees
Ethereum was able to outperform Bitcoin in network fees yesterday. Ethereum was able to average about $0.06 per transaction, while Bitcoin averaged about $0.03 per transaction. This is likely due to the growing popularity of Ethereum, as well as the increased demand for transactions on the Ethereum network.
Ethereum Users Spend More than Bitcoin on Network Fees Yesterday
According to data from Etherscan, Ethereum users spent more on network fees yesterday than Bitcoin users.
Etherscan data shows that Ethereum users spent $14.06 million on network fees yesterday, compared to Bitcoin’s $11.98 million.
This trend has continued throughout September, with Ethereum users spending more on fees than Bitcoin users every single day.
Network fees are a fee that is charged whenever a transaction is sent on the Ethereum network. These fees are used to help reimburse the costs of running the Ethereum network.
Total Spent on Ethereum Network Exceeds Bitcoin Network
As of June 2017, the Ethereum network had processed more transactions than the Bitcoin network. The total amount spent on the Ethereum network exceeded that of the Bitcoin network by $1.3 billion.
Ethereum Nears All-Time High in Network Fees Yesterday
The Ethereum network is nearing all-time highs in network fees, according to data from Etherscan.
Etherscan reports that network fees on the Ethereum network have increased by 45 percent over the past 24 hours. The average fees payable for transactions on the Ethereum network reached $0.14 per byte yesterday, up from $0.08 per byte over the past day.
The Ethereum network is currently processing more transactions than at any other point in its history. The network is also currently experiencing high levels of congestion, which is causing delays in the processing of transactions.
Ethereum network fees have recently surged in response to an increase in demand for transactions. The network is currently struggling to process transactions at a rate that is sufficient to meet the demands of users.
The Ethereum network is expected to experience further increases in network fees in the coming weeks as the demand for transactions increases.
Bitcoin Network Loses to Ethereum in Network Fee Spending
On July 20, 2018, the Bitcoin network lost to Ethereum in network fee spending. Ethereum’s network processed 2,754 transactions while the Bitcoin network processed only 2,481. This represented a 13.5 percent difference in network fee spending.
This was the first time that Ethereum had outperformed the Bitcoin network in terms of network fee spending. Previously, Ethereum had always been able to outpace the Bitcoin network in terms of transaction volume.
This difference in network fee spending may be due to the increased popularity of Ethereum as a platform for smart contracts and dApps. The Ethereum network is also able to process more transactions per second than the Bitcoin network.
This trend of Ethereum outperforming the Bitcoin network in terms of network fee spending is likely to continue as the Ethereum network continues to grow in popularity.