07/072023
224 CommentsBitcoin Fees to Quadruple by October 2023
CryptoSlate recently reported that Ethereum has entered an inflationary state due to the Dencun upgrade, which has slowed down the burn rate and reduced gas fees. This development comes as more and more transactions are being settled on Ethereum Layer 2. Leading up to the Bitcoin halving and throughout most of 2024, Ethereum saw higher transaction fees than Bitcoin. However, in the lead-up to the halving, on the day of the halving and for a few days after, Bitcoin fees surpassed Ethereum fees. However, as of April 29, fees for both blockchains have been nearly equal, according to data from Glassnode.
Ethereum and Bitcoin Fees | Source: Glassnode Glassnode data shows that on May 12, Ethereum generated $2.8 million in fees on its 7-day moving average, the lowest fee level since October 2023, when the price was around $1,800 compared to the current price of just under $3,000.
Ethereum Transaction Fees | Source: Glassnode While Bitcoin fees are about four times higher than in October 2023, at $2 million compared to around $500,000, we can also observe that since May 2023, each fee boom has led to higher levels.
Bitcoin Transaction Fees | Source: Glassnode
