Bitcoin fees surpass Ethereum, hitting a high not seen since 2017
Bitcoin has averaged $19 million in fees over the past week, outshining Ethereum's figure of $14 million.
Quick Take
Bitcoin has surpassed Ethereum in the generation of fees on a 7-day average for the first time since 2017.
According to Cryptofees, Bitcoin has averaged $19 million in fees over the past week, outshining Ethereum's figure of $14 million. This shift can be attributed to the surge in inscriptions and Ordinals, which have significantly driven up transaction costs.
| Name | 1 Day Fees | 7 Day Avg. Fees |
|---|---|---|
| Bitcoin | $18,682,275.50 | $18,914,434.37 |
| Ethereum | $13,999,591.97 | $13,624,674.96 |
Source: Cryptofees
A similar, albeit brief, dynamic was observed during the Inscription frenzy in May 2023, when Bitcoin fees exceeded Ethereum's for a fleeting period of 3-4 days, marking it as an anomaly rather than a consistent trend.
Historically, the last time the market saw Bitcoin fees outstripping Ethereum was in 2017, a phase that lasted approximately 6-7 months. Such a prolonged period of dominance would need to recur for this instance to be identified as a new norm in the digital asset market.
