Ethereum Records $500,000+ in Single-Day Network Fees, Overtaking Bitcoin

On June 6, Ethereum’s daily total network fees topped that of Bitcoin. Ethereum has accrued an average daily network transaction total of roughly $502,000 and $546,000 on June 6 and 7 respectively, while Bitcoin has experienced fees of $310,000 and $252,000. Cryptocurrency analytics firm Glassnode tweeted about the occurrence and provided a chart of comparisons.

Ethereum’s fees have exceeded that of Bitcoin only on rare occasions and is seen as a sign by some that the network is picking up in adoption and activity. Indeed, the daily number of transactions has also been rising. A cursory analysis shows Tether (USDT) being one of the most active tokens in the past few days, with $31 billion in circulation over the last 24 hours. Over the past three days, from June 5 to June 7, there were 502.377 total unique transactions for Tether, dwarfing everything else by nearly ten times. A similar pattern was observed in September 2019, when Ethereum was also posting higher daily network fees than Bitcoin (BTC). At that time, Tether also experienced a growing number of transactions, hitting a then-record 187,912 daily transactions on Ethereum (ETH).