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Bitcoin (BTC) Extends Its Lead over Ethereum (ETH) in Transaction Fees: Research

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Tue, 29/10/2019 - 15:56
Bitcoin (BTC) Extends Its Lead over Ethereum (ETH) in Transaction Fees: Research
Cover image via www.123rf.com
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According to data provided by cryptocurrency analytics startup CoinMetrics, Bitcoin (BTC) has significantly extended its lead over Ethereum (ETH) in terms of daily transaction fees.  

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The number one altcoin managed to flip Bitcoin back in September (at least in the aforementioned department), but this success was very short-lived. 

During the previous week, Bitcoin's daily transaction fees have increased by a whopping 42.2 percent with the average amount of fees surging to $268,700. For comparison, the Ethereum network netted only $93,500 in fees over the same period of time, which represents an 18.4 percent increase.         

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The seven-day change of the number of trading fees accurately reflects the recent price action of the two leading cryptocurrencies. With a shocking 40 percent price spike, Bitcoin managed to completely annihilate all other altcoins (save for some cryptocurrencies of Chinese origin). 
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As reported by U.Today, the number of total transaction fees paid by Bitcoin users reached 153.90 BTC ($1.4 mln at current prices), which followed Bitcoin's 20 percent green candle that was recorded on Apr 2. 

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In December 2017, when the BTC price reached a current all-time high of $20,000, Bitcoin transaction fees skyrocketed to about $55. One Twitter user revealed that he had to fork out a $16 fee in order to send just $25.  

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