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.
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).