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Bitcoin's average daily #transaction fees return to Ethereum levels as Runes excitement wanes
😵💫After the hype around the Runes protocol launch, Bitcoin's average daily transaction fees have aligned with Ethereum's. Post-launch, Bitcoin fees surged, hitting 🏔a record $25.8M on April 24, dwarfing Ethereum's fees by fivefold. However, fees have since dropped to $4.1M, matching Ethereum's average.
🤯 The frenzy also saw individual Bitcoin transaction fees peak at $40, 10x Ethereum's rate, settling at $8.60 recently.
💧Despite the drop, fees remain a significant part of Bitcoin's economy, especially post-halving, with fees contributing 13% to total block rewards.
🗿The Runes protocol, by Ordinals' Casey Rodarmor, drove this spike, netting over $135M in its debut week, showcasing its efficiency over traditional methods.
