Ethereum has surpassed bitcoin in total daily USD-denominated transaction fees for the second time in nearly two weeks.
Ethereum Surpasses Bitcoin in Network Fees
According to data compiled by Coin Metrics, Ethereum’s network has overtaken bitcoin in terms of the amount of fees generated from daily transactions.
Ether briefly overtook bitcoin on Sept. 21, before establishing a substantial margin on Sept. 29. While total transaction fees are trending downwards for both crypto-assets, ether has managed to generate more value from transactions overall.
Bitcoin and Ethereum USD-denominated network fees 30-day chart | Source: Coin Metrics
Prices for bitcoin and altcoins took a hit in September, but overall ETH miners were able to come away relatively unscathed. Ether ended the month just barely in the green, with ether transactions climbing above bitcoin in a rare occurrence. Despite the shift in total transaction fee volume, bitcoin continues to hold an advantage over the market, with BTC dominance hovering above 67%.
Ethereum’s network volume has been trending to its highest point in more than a year, with the popular gambling application FairWin being responsible for more than 50% of the network’s gas usage. Despite prices for ETH falling through the latter weeks of September, the amount of ether being locked into DeFi smart contracts saw a significant boost, giving some indication that users remain undeterred by market prices.
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