Bitcoin
Bitcoin fees have quadrupled since October 2023
Quick take
CryptoSlate recently reported that Ethereum had entered a inflationary state due to the Dencun update, which reduced the consumption rate and lowered gas fees. This development comes at a time when an increasing number of transactions are being settled on Ethereum layer 2.
Prior to the Bitcoin halving and throughout much of 2024, Ethereum witnessed higher transaction fees than Bitcoin. However, in preparation for halvingat the halving day itself and a few days later, Bitcoin Fees surpassed Ethereum fees.
Since April 29, however, fees for both blockchains have been nearly equal, according to Glassnode data,
Ethereum vs Bitcoin Fees: (Source: Glassnode)
Glassnode data shows that on May 12, Ethereum generated $2.8 million in fees on a 7-day moving average, the lowest level of fees since October 2023, when the price was approximately $1,800 in compared to its current price of just under $3,000.
While Bitcoin fees are about four times higher than they were in October 2023, at $2 million versus approximately $500,000, we can also note that since May 2023, each increase in fees has resulted in an even larger increase .
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