- Ethereum (ETH) has outperformed Bitcoin (BTC) in the last week, achieving a notable 15.9% gain compared to Bitcoin’s 9% increase.
- With this price surge, Ethereum’s onchain fees have also risen, averaging $7.06 per transaction.
- Etherscan’s gas tracker indicates high-priority fees on Ethereum now cost around $1.07 or 14.411 gwei, with some transactions such as NFT sales and swaps costing significantly more.
Explore the latest trends and changes in the cryptocurrency market with a focus on Ethereum’s recent performance and fee fluctuations, providing valuable insights for traders and investors.
Ethereum Surpasses Bitcoin in Weekly Gains
Ethereum has recently outpaced Bitcoin in terms of weekly gains, marking a significant 15.9% increase compared to Bitcoin’s 9%. This development has captured the attention of investors and crypto enthusiasts, providing a new dimension to the ongoing ETH vs. BTC debate.
Rising Transaction Fees on the Ethereum Network
The upward momentum in Ethereum’s price has been paralleled by an increase in its onchain transaction fees. Etherscan’s gas tracker reports an average fee of $7.06 per transaction, reflecting a heightened demand on the network. High-priority fees stand at approximately $1.07 or 14.411 gwei.
Cost Implications for Ethereum Users
Interestingly, the rising fees are not uniform across all transaction types. For instance, swaps are now costing around $37.69, while non-fungible token (NFT) sales can reach as high as $63.70. Bridging transactions have a fee of $12.12, and borrowing incurs a cost of $31.98. This variance underscores the necessity for Ethereum users to remain aware of transaction costs, particularly those engaging in more complex activities on the network.
Comparison with Bitcoin’s Fee Structure
In contrast, Bitcoin’s transaction fees have remained relatively stable. Bitcoin transactions average about 5 satoshis per virtual byte (sat/vB) or roughly $0.848 per transaction. High-priority transactions on the Bitcoin network are even lower, costing around $0.18 or 2 sat/vB, highlighting a stark difference between the two leading cryptocurrencies in terms of transactional costs.
Impact of Network Adjustments on Ethereum’s Supply
Since the implementation of the London hard fork, Ethereum has seen significant changes in its issuance model. The network’s inflation rate is currently at 0.367% annually. Post the hard fork, Ethereum’s total supply has increased by 0.858% annually, with 3,153,785 ETH added since August 5, 2021. Nonetheless, the hard fork has also led to the burning of 4.3 million ETH, resulting in a net issuance of 7.53 million ETH. Without these changes, the Ethereum supply would have swelled by 3.23%, or approximately 11.2 million ETH.
Conclusion
The recent trends in Ethereum’s pricing and transaction fees offer a nuanced perspective on the cryptocurrency market. The notable weekly gains in ETH relative to BTC, combined with rising onchaine fees, emphasize the dynamic nature of the crypto landscape. For investors and users, staying informed about fee structures and network adjustments is crucial for making strategic decisions. As Ethereum continues to evolve, its impact on the market and its users remains a critical area of observation and analysis.
