Bitcoin Total Fees Overtook Ethereum Last Week, Here’s Why
Recently, Bitcoin's transaction fee surpassed that of Ethereum, hitting a total of $61 million. This increase in fees, determined by the number of transactions and network traffic at the time, indicates high congestion on the Bitcoin network. This congestion was likely due to a recent cryptocurrency rally sparking increased interest in Bitcoin, and the revival of "Inscriptions", pieces of data directly written into the Bitcoin blockchain. Applications such as NFTs and BRC-20 tokens, both types of Inscriptions, also drive up network traffic. The heightened transaction fees benefit miners, who are rewarded with these fees for their work. Meanwhile, the price of Bitcoin, after previously crossing the $38,500 mark, has been trending down towards $37,000.
