Odaily Planet Daily News: With the popularity of runes, the transaction fees of the Bitcoin network have also risen. Specifically, the 7-day moving average of Bitcoin's average transaction fee has exceeded $40, which is about 10 times that of Ethereum's $4.10; at the same time, the total fees paid by the Bitcoin network have also exceeded Ethereum, and its 7-day moving average has climbed to $25.77 million, a record high. In addition, data shows that in recent times, the 7-day moving average of Bitcoin's market value to transaction fee ratio has been lower than that of Ethereum for the first time. This is the first time since July 2019. It is reported that the market value to transaction fee ratio can be regarded as the price-to-earnings ratio (P/E Ratio) of the blockchain network. Earlier this month, the moving average of Bitcoin's ratio was 2400, while Ethereum was only 118.33. However, on April 25, Bitcoin's ratio had fallen to 220.77, lower than Ethereum's 227.12. However, this does not mean that Bitcoin is now undervalued and Ethereum is overvalued. According to calculations, when fees increase, Bitcoin's ratio will naturally decline. As it happens, Bitcoin’s larger market cap gave it a higher ratio than Ethereum even during previous periods of high fees. And the reversal in the ratio was only short-lived, as Bitcoin network fees have recently begun to slow. (The Block)