Cointelegraph Team
Cointelegraph
Ethereum appears to be extending its fee dominance over Bitcoin by roughly 10 times, with Bitcoin currently ranking just sixth by weekly fee generation.
According to CryptoFees’ data for July 18, the Bitcoin network had generated $725.7 million in daily fees on average over the past seven days, and less than $400,000 worth of fees for the day.
Ethereum tops the rankings by far, generating more than $6.1 million in daily fees on average for the week, and more than $5 million for the day. As such, Ethereum’s daily fees beat out Bitcoin’s by 8.4 times for the past week, and by more than 15 times for July 18.
Uniswap V3 ranked second with an average of $1.5 million in daily fees, followed by Binance Smart Chain with $1.2 million, Uniswap V2 with $732,000, Aave with $728,000, and then Bitcoin.
Twitter user “odin free” tweeted the findings, likening Ethereum’s network strength relative to Bitcoin to Facebook’s rise to dominance over Myspace during the late 2000s.
Bitcoin’s slide down the fee rankings comes as Ethereum’s forthcoming London upgrades spark renewed speculation whether the leading crypto asset by market cap will be flipped amid the Eth2 rollout.
On July 14, crypto analyst Lark Davis tweeted data indicating that Ethereum’s daily on-chain settlement value is trending at triple that of Bitcoin. Davis noted the increasing popularity of layer-two scaling solutions for Ethereum is likely to increase the disparity.
“I highly suspect this gap will increase now that we have layer twos like Optimism coming online,” he said.
Ethereum is also beating out Bitcoin by total transaction count by roughly 500%, and has enjoyed brief stints leading BItcoin by transaction volume, trading volume, and node count over recent months.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.