Ethereum network fees for the week surpass Bitcoin’s by 283%

According to The Block analyst Larry Cermak, over the week the total fees for Ethereum transactions amounted to $34.5 million. For Bitcoin this figure is almost four times lower — $9 million.

Fees in the last week:

Ethereum — $34.5 million
Bitcoin — $9.0 million

Monero — $2,240
Tezos — $1,876
Cardano — $1,615
XRP — $1,138
BSV — $1,102
Stellar — $1,059
Bitcoin Cash — $1,027

There are only two players in this game. Always have been pic.twitter.com/CticBd6YjP

— Larry Cermak (@lawmaster) August 15, 2020

The researcher noted that the fee income of miners of other popular cryptocurrencies, including Monero, Bitcoin Cash and BSV, is insignificant.

«There are only two players in this game», stressed Cermak.

Veteran of the cryptocurrency industry Emin Gün Sirer believes that a typical mistake among Bitcoin maximalists is to measure success by the amount of fees paid.

While it’s not perfect, it’s the best metric we have now for real economic activity. You can bet that trash coins are pumping their tx numbers because it doesn’t cost anything and idiots believe it

— Larry Cermak (@lawmaster) August 15, 2020

Cermak replied that the metric is not perfect, but it illustrates the level of “real economic activity” quite well.

Recently, the average Ethereum transaction fee has updated an all-time high above the $7 mark, amid a rise in the cryptocurrency’s price to levels seen two years ago.

Currently, according to Blockchair, the average transaction fee is falling rapidly, at around $3.8.

Bitcoin’s is at $2.62.

Source: Blockchair

The screenshot below shows the gas prices in Gwei recommended by the ETH Gas Station service.

The highest transaction demand for Ethereum comes from users of Uniswap, the leading non-custodial exchange by trading volume. Gas is also actively used by holders of the stablecoin Tether and by participants in the SmartWay Forsage project, with signs of a fraudulent scheme.

Earlier this week, open interest in Ethereum futures reached a record $1.5 billion.

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