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Bitcoin Surpasses Ethereum in Daily Fees Amid ETF Buzz

Gary Flanders by Gary Flanders
2 years ago
Bitcoin Surpasses Ethereum in Daily Fees Amid ETF Buzz
  • Bitcoin’s transaction fees surpass Ethereum’s for first time in three months.
  • Bitcoin’s daily transaction fees surge over 700% annually, 1000% monthly.
  • Miners see increased fees as significant income amid low-profit year.

Over the recent weeks, Bitcoin has attracted notice in the cryptocurrency arena due to expectations of a forthcoming approval for a Bitcoin Exchange Traded Fund (ETF). Bitcoin’s upward trend and its ability to maintain a value exceeding the significant $35,000 mark have strengthened the optimistic outlook of analysts on the digital currency. Meanwhile, an unexpected shift in its daily transaction fees has been the subject of news reports.

On November 16, 2023, Bitcoin surpassed Ethereum in terms of daily transaction fees for the first time in three months. According to information disclosed by CryptoFees.info, there was a significant surge in Bitcoin’s transaction fees the previous day, amounting to $11,630,638. Concurrently, Ethereum experienced a substantial drop from its three-month peak of $12,793,684 on November 9 to $8,445,997.

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Bitcoin/Ethereum Transaction Fees
Bitcoin/Ethereum Transaction Fees

Bitcoin’s transaction fee, which has decreased from the previous day’s high, is approximately $8.85 million, surpassing the fees from Ethereum’s daily transactions, which are significantly lower at $6.87 million.

Beginning on November 1, there has been a marked upward trend in the daily transaction fees for Bitcoin. It is important to note that the recent increase in Bitcoin’s transaction fee represents an annual rise of over 700% and a monthly rise of 1000%.

Bitcoin Transaction Fees
Bitcoin Transaction Fees

The significant increase in the transaction fee for Bitcoin happened during a critical period when miners expressed grievances about 2023 being among the least lucrative years for them. Moreover, with the anticipated Bitcoin Halving event, scheduled to occur in the first quarter of 2023, set to decrease the block reward from 6.25 BTC to 3.125 BTC, the fee rise indicates a favorable trend.

As the transaction fee rises, miners can depend on it to some extent for a significant part of their income, which could represent 20%-30% of the block reward.

Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.

Tags: BitcoinBTCETFETHEthereum
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Gary Flanders

Gary Flanders

Passionate writer who is keenly exploring crypto and Blockchain loves to know about new things and explore what is happening in the world. Cherishes writing, primarily about cryptocurrency and Blockchain.

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Bitcoin (BTC)
2.23%
$ 111,365.00
$ 2,483.44
⇣ 108,462.00
9 Jul
⇡ 111,365.00
Ethereum (ETH)
6.38%
$ 2,777.41
$ 177.20
⇣ 2,597.47
9 Jul
⇡ 2,765.99
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