Ethereum (ETH) has outperformed Bitcoin (BTC) over the past week, rising by a remarkable 15.9%, while Bitcoin has been limited to a 9% increase. Along with this price increase, Ethereum’s on-chain transaction fees have also increased, reaching an average of $7.06.
Etherscan’s gas tracker shows that high-priority Ethereum transactions are currently trading at around $1.07, or 14,411 gwei. However, some transactions, particularly NFT sales and swaps, require much higher costs. By examining the market’s latest trends and changes, we provide valuable insights for investors and traders, focusing on Ethereum’s recent performance and fluctuations in transaction fees.
Ethereum Surpasses Bitcoin in Weekly Earnings
Ethereum has outpaced Bitcoin in weekly gains, rising by 15.9%. Bitcoin’s gains were limited to 9%. This has caught the attention of investors and crypto enthusiasts, adding a new dimension to the rivalry between ETH and BTC. The upward movement in Ethereum’s price has been paralleled by an increase in on-chain transaction fees. Etherscan’s gas tracker reported an average fee of $7.06 per transaction, reflecting the increase in demand on the network. High-priority transactions cost around $1.07, or 14,411 gwei.
What’s particularly interesting is that the increased transaction fees are not the same for all types of transactions. Swaps currently cost around $37.69, while NFT sales can go as high as $63.70. Bridge transactions cost $12.12, and borrowing costs $31.98. These differences underscore the importance of Ethereum users being aware of the costs, especially for complex transactions on the network.
Bitcoin’s transaction fees, on the other hand, have remained relatively stable. Bitcoin transactions cost around 5 satoshis per virtual byte (sat/vB), or about $0.848 per transaction. High-priority Bitcoin transactions are lower-cost, costing around $0.18, or 2 sat/vB. This creates a significant difference in transaction costs between the two leading cryptocurrencies.
Impact of Network Regulations on Ethereum Supply
Following the implementation of the London hard fork, Ethereum has seen significant changes. The network’s annual inflation rate is currently at 0.367%. After the hard fork, Ethereum’s total supply increased by 0.858% annually, with 3,153,785 ETH added since August 5, 2021. However, the burning of 4.3 million ETH as a result of the hard fork means that a net of 7.53 million ETH was issued. Without these changes, Ethereum’s supply would have increased by 3.23%, or about 11.2 million ETH.
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