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Ethereum Defeats Bitcoin in Daily Network Fees

Dawn Wu

Summary: On-chain market analysis channel Glassnode reported on Sunday that the daily Ethereum network fees exceeded those of Bitcoin by almost $200k, as daily network fees on Ethereum reached $498k while Bitcoin fell behind at $308k. The gap has been expanding since then.

On-chain market analysis channel Glassnode reported on Sunday that the daily Ethereum network fees exceeded those of Bitcoin by almost $200k, as daily network fees on Ethereum reached $498k while Bitcoin fell behind at $308k. The gap has been expanding since then.

Last time Ethereum fees surpassed those of Bitcoin was on March 12, when congestion caused $800k of Ethereum network fees, according to a report from Cointelegraph. The report attributes the current situation to Bitcoin’s mempool clearing, Ethereum’s mempool being clogged, and stablecoins operation on the Ethereum network. The mempool is where all pending transactions wait to be confirmed by the network.

By Dawn Wu

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