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Bitcoin fees surpass Ethereum, hitting a high not seen since 2017

Simon Osuji by Simon Osuji
December 21, 2023
in Crypto
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Bitcoin fees surpass Ethereum, hitting a high not seen since 2017
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Quick Take

Bitcoin has surpassed Ethereum in the generation of fees on a 7-day average for the first time since 2017.

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According to Cryptofees, Bitcoin has averaged $19 million in fees over the past week, outshining Ethereum’s figure of $14 million. This shift can be attributed to the surge in inscriptions and Ordinals, which have significantly driven up transaction costs.

Name 1 Day Fees 7 Day Avg. Fees
Bitcoin $18,682,275.50 $18,914,434.37
Ethereum $13,999,591.97 $13,624,674.96

A similar, albeit brief, dynamic was observed during the Inscription frenzy in May 2023, when Bitcoin fees exceeded Ethereum’s for a fleeting period of 3-4 days, marking it as an anomaly rather than a consistent trend.

Graph showing the ratio between transaction fees on Bitcoin and Ethereum from December 2017 to December 2023 (Source: Glassnode)

Historically, the last time the market saw Bitcoin fees outstripping Ethereum was in 2017, a phase that lasted approximately 6-7 months. Such a prolonged period of dominance would need to recur for this instance to be identified as a new norm in the digital asset market.

The post Bitcoin fees surpass Ethereum, hitting a high not seen since 2017 appeared first on CryptoSlate.

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