- Crypto users spent more on Ethereum fees yesterday than Bitcoin fees.
- Ethereum fees have been on the rise, making it more expensive to transact on the Ethereum blockchain.
Yesterday the total spent on Ethereum fees exceeded the total spent on Bitcoin network fees. According to data collected by Glassnode, a crypto analytics firm, the total fee volume on the Ethereum network approached $500k, far higher than Bitcoin’s total fee volume near $250k.
Furthermore, according to Glassnode this has only occurred 141 times since the cryptocurrency’s inception. This is due to the average Bitcoin network fee for a single transaction usually being substantially higher than single transaction fees on the Ethereum blockchain. However, with Ethereum fees on the rise and Bitcoin fees declining, the fee spread between the two largest cryptocurrencies is decreasing.
Ethereum Fees on the Rise
The last three months have seen a rapid rise in Ethereum network fees. Average transaction fees have seen a 90% increase from just three months ago. According to Blockchair, a block explorer, the average transaction fee on the Ethereum blockchain yesterday was 0.002163 ETH (~$0.51).
Simultaneously, Bitcoin fees have been on the decline in the weeks following the halving. However, Bitcoin fees have since declined to just under $0.80 for a next block confirmation, according to Billfodl.
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