- Bitcoin surpasses Ethereum in daily transaction fees for the first time in three months.
- On November 16, Bitcoin’s daily transaction fee reached $11,630,638, whereas that of Ethereum stood at $8,445,997.
- The increase in transaction fees is considered a positive development as the miners could rely on it as their revenue
Bitcoin has been garnering attention in the crypto space over the past few weeks amidst anticipations of an imminent Bitcoin Exchange Traded Fund (ETF) approval. While Bitcoin’s ascending trajectory and resilience above the remarkable $35k level reinforced analysts’ bullish perspectives on the cryptocurrency, a surprising turn in its daily transaction fees created headlines.
On November 16, 2023, Bitcoin overpowered Ethereum in daily transaction fees for the first time in three months. As per the data unveiled by CryptoFees.info, Bitcoin exhibited a major hike in its transaction fees last day, reaching $11,630,638. At the same time, Ethereum, from its three-month high of $12,793,684 on November 9, took a major plunge to $8,445,997.
While Bitcoin’s transaction fee has dipped from the previous day’s high, reaching around $8.85 million, it has managed to surge above Ethereum fees in daily transactions, lying far behind at $6.87 million.
Since November 1, there has been a significant positive inclination in Bitcoin’s daily transaction fees. Notably, the current hike in Bitcoin’s transaction fee exhibits a yearly hike of more than 700% and a monthly hike of 1000%.
The massive surge in Bitcoin’s transaction fee occurred at a crucial time, as miners were complaining about 2023 as one of the least profitable years. In addition, when the upcoming Bitcoin Halving, slated to happen in the first quarter of 2023, is expected to reduce the block subsidy from 6.25 BTC to 3.125 BTC, the fee hike signals a positive development.
As the transaction fee increases, miners could partially rely on it as a substantial portion of their revenue, potentially accounting for 20%-30% of the block reward.
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