Ethereum’s daily network fees exceeded Bitcoin (BTC) network fees on two consecutive days, June 6th and 7th, according to data from on-chain market analysis company Glassnode.According to Glassnode, the total fee for the Ethereum network was $ 498,000. By comparison, Bitcoin came to only $ 308,000. The next day, the gap widened to a total of $ 540,000 and $ 258,000, respectively.
This is the second time this year that Ethereum’s network fees have exceeded Bitcoin’s. On March 12, there was a sudden surge in fees on the Ethereum network to nearly $ 800,000. The amount on the Bitcoin network was exceeded by far. The Ethereum network was heavily congested at the time. This probably resulted in users having to pay more fees for their transactions.
First, Bitcoin’s mempool was recently cleared as part of the last difficulty adjustment on Thursday. Since there are no pending transactions, transaction fees on the network have dropped significantly. You dropped to $ 1. For comparison, on May 20, an average Bitcoin transaction cost up to $ 6.6 due to network conditions after halving. The Ethereum mempool is currently overloaded. There are over 103,000 pending transactions. This partially explains the recent sharp rise in network fees. In addition, the transaction volume for stablecoins has risen to new record levels this year. This suggests that stablecoins have contributed greatly to this activity on the network. Most stablecoins, such as Tether (USDT), Paxos (PAX) and USD Coin (USDC), work via the Ethereum network.