• Fri. Jun 21st, 2024

New Data Reveals that 7-Day Transaction Fees on the Ethereum Network are 40x Higher than Bitcoin Network

Hassan Mehmood

ByHassan Mehmood

Apr 23, 2022

Ethereum network is often seen as the next big thing in the cryptocurrency sector next to Bitcoin in volume and means transactions. However, the network has been heavily criticized by the users and outsiders for its exponential transactions fees. After becoming one of the most popular blockchain networks in the world, the Ethereum ecosystem was overloaded.

As a result of the massive online traffic, the per-transaction cost of the network kept rising and eventually hit the roof and beyond. CryptoFees.info is a blockchain transaction fee on-chain tracker that recently shared some concerning statistics about the matter. The statistics indicate the Ethereum gas fees per week are on average 40 times higher than the Bitcoin network.

Introduction of Competitive Blockchains

According to the data projections of CryptoFees.info, over the last weekend, the 7-day Ethereum transaction fees ratio superseded Bitcoin by 190.1%. Ethereum co-founder, Vitalik Buterin recently admitted that the issue is becoming a bigger hindrance to creating a decentralized platform and retaining user engagement. Ethereum gas fee generated $24,487,397 in one week alone.

However, the rise is not a good sign for the health of the top blockchain network. Sentiment data indicate that in the last 8 months, the gas fees on the network have continued to deplete. Sentiment also pointed out that currently, the network is offering as low as $5.81 per transaction gas fees.

Ethereum CoreDev recently held a meeting, where the participants shared ideas to make the PoS transition possible for the network. Finbold.com data analytics suggest that at the peak of its activity in March, Ethereum gas transactions reached as high as $8.20.

CoinMarketCap data reflects that at present, the Ethereum market cap is valued at $402.14 billion. Furthermore, the on-chain metrics also shared that in the last 24 hours, Ethereum prices are down by 5.26% and in the last week the token devalued by 1.90%. Mark Cuban recently claimed that he is bullish on the prospective ETH merger that will mark the end of the PoW model for the ecosystem.

Hassan Mehmood

Hassan Mehmood

Hassan Mehmood, a valued writer at Big Trends Signals, uses his profound online trading expertise to produce in-depth guides and unbiased reviews, enabling traders to navigate digital marketplaces efficiently.

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