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

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Tue, 10/29/2019 - 15:56
Alex Dovbnya
Bitcoin (BTC) has raced significantly ahead of Ethereum (ETH) in terms of transaction fees following its 40 percent price spike
Cover image via www.123rf.com

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.  

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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Bitcoin (BTC) Transaction Fees Continue Declining Despite Trading Volumes Being on the Rise

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. 

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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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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