According to U.Today, the common belief that Bitcoin is more expensive than Ethereum for regular transactions has been debunked. Since 2021, Ethereum's transaction fees have been consistently higher than Bitcoin's. For instance, as of July 8, 2024, the median transaction fee for Ethereum stands at $0.68, while Bitcoin's is at $0.40. This trend suggests that Bitcoin may be a more cost-effective choice for regular transfers and peer-to-peer payments.
Ethereum's median transaction fees have seen a significant increase since 2021, often surpassing Bitcoin's, as per the analysis of on-chain data by Ki Young Ju. This shift is largely attributed to Ethereum's rising popularity, especially with the advent of decentralized finance (DeFi) and non-fungible tokens (NFTs). These developments often congest the network, leading to increased fees.
At present, Bitcoin is trading at approximately $58,274, and it has crossed above the 200 EMA, indicating a potential recovery phase. This positive outlook is further supported by volume patterns and the RSI at 40 points. On the other hand, Ethereum's network, due to its broader use cases such as smart contracts and other decentralized applications, has experienced higher transaction costs. Despite their utility, these additional features have led to increased fees, particularly during periods of high network traffic.
Contrary to popular belief, recent data does not support the notion that using Bitcoin is inherently more expensive than using Ethereum. The misconception about Bitcoin's high costs is debunked by its lower transaction fees, making it a viable option for regular transactions and peer-to-peer payments.
