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

Share Article
In Brief
The Trust Project is an international consortium of news organizations building standards of transparency.

Ethereum has recorded higher daily total network fees than Bitcoin for two consecutive days. The rare event indicates increased activity and growing adoption for the network.

Sponsored





Sponsored

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.

Sponsored



Sponsored
Chart courtesy of Glassnode

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).

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Sponsored
Share Article

Rahul's cryptocurrency journey first began in 2014. With a postgraduate degree in finance, he was among the few that first recognized the sheer untapped potential of decentralized technologies. Since then, he has guided a number of startups to navigate the complex digital marketing and media outreach landscapes. His work has even influenced distinguished cryptocurrency exchanges and DeFi platforms worth millions of dollars.

Follow Author

$200 reward waiting for you — Deposit, Trade, Follow and Claim today!

Discover

Limited offer! Learn to mine and trade crypto today for free

Go