The Ethereum network has scaled Bitcoin’s for daily transaction fees on the blockchain. On June 7, the total amount of network fees on the Ethereum network hit close to $500,000 for the fourth time in the history of the network.
By comparison, on the same day, Bitcoin only pulled in about $308,000 in transaction fees. This $200,000 gap between both networks is staggering especially as it could shine more light on the use of Ethereum, way above that of Bitcoin.
The information was first pointed out by the crypto analysis company Glassnode. According to Glassnode, network fees on the Ethereum network usually do not rise higher than that of Bitcoin. Ethereum has a high number of projects, including decentralized finance (DeFi) services and several other decentralized apps (dApps). However, even with that, Bitcoin usually surpasses Ethereum. Network fees have only risen higher than Bitcoin’s total on 141 days in Ethereum’s history.
Back in May, Bitcoin network fees spiked around the same time as the network’s third halving. However, this quickly corrected after the halving passed.
So far, many members of the Bitcoin community are still largely unimpressed that Bitcoin has failed to spike as much as expected, since the halving.