Ethereum Surpasses Bitcoin in Daily Network Transaction Fees

  • Ethereum has surpassed bitcoin in USD-denominated daily transaction fees.
  • ETH ended the month of September just barely in the green.

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 Ethereum Network FeesBitcoin 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. 

Featured Image Credit: Photo via Pixabay.com

Bitcoin Over $7100 As Investors Start to See 'Light at the End of the Tunnel'

Siamak Masnavi

President Trump and the White House Coronavirus Task Force's uplifting daily press briefing on Sunday (April 5) plus declining COVID-19 related mortality rates in various regions around the world seem to have increased investors' appetite for risk, with both U.S. stock futures and Bitcoin currently up around 4%.

So, what are the reasons for investors in stocks and cryptocurrencies to be more optimistic?

Well, let's start with this past weekend's press briefings at the White House.

At Satuday's briefing, Dr. Deborah Birx, the White House coronavirus response coordinator, said that she expeceds counties in New York, Detroit and New Orleans to see a peak in COVID-19 cases in the next few days. 

And at Sunday's briefing, President Trump referred to New York State's first drop in the number of coronavirus-related deaths as a "good sign", and said that he and the task force could see "light at the end of the tunnel." As for Dr. Birx, she also seemed optimistic:

"We're very hopeful that over the next week... we'll see a stabilisation of cases across these large metropolitan areas where the outbreak began several weeks ago."

Later at the same briefing, she went into more detail about why the task force was hopeful:

"We are hopeful because last time I was here I wasn't able to really tell you that Italy and Spain were coming across their apex and coming down the other side...

"To me, that's extraordinarily hopeful. They just completed four weeks of really strong mitigation, and I think that our word to the American people is we can look like that...

"So, that's what the promise is. The promise is if we do this, we could potentially be better."

On Sunday, we also heard from New York State Governor Andrew Cuomo, who said during his daily press briefing that coronavirus-related deaths, ICU admissions, and daily intubations had all gone down, while the  hospital discharge rate had gone "way up."

Also, this week, there is a good chance that Saudi Arabia and the Russian Federation will agree to end their oil price war, which would benefit the U.S. oil industry, therefore helping to drive up both the Dow and the S&P 500.

At the time of writing (09:30 UTC on April 6), premarket trading data shows the Dow, S&P 500, and Nasdaq futures up 3.64%, 3.69%, and 4.00% respectively

As for cryptocurrencies, even though several major central banks have already launched massive quantitative easing programs in a bid to fight the economic threat posed by COVID-19, the growing realization that much more "money printing" will probably be needed in the future to stop the global economy from going into a depression could be enough to convince at least some investors to look at hard assets such as Bitcoin and gold. 

Michael Novogratz, a former Goldman Sachs partner, as well as Founder, Chairman, and CEO of crypto-focused merchant bank Galaxy Digital, talked about his high hopes for both Bitcoin and gold in a tweet he sent out on March 24:

According to data from CryptoCompare, Bitcoin, which has been having a pretty close correlation with the S&P 500 during the COVID-19 crisis, is currently trading at $7,129, up 4.59% in the past 24-hour period:

BTC-USD 24 Hour Chart on 6 Apr 2020.png