Bitcoin (BTC) Overtakes Ethereum (ETH) in Daily Transaction Fees for the First Time in Three Years
Bitcoin has surpassed Ethereum in daily cryptocurrency transaction fees for the first time in three years, with daily transaction fees reaching $11.63 million compared to Ethereum's $8.44 million. Ethereum's versatility in supporting various Decentralized Applications (DApps) and smart contracts had previously made it the preferred choice for users engaging in DeFi and NFTs. However, recent developments have seen Bitcoin experience a surge in average transaction fees, reaching $18.69 per transaction on Nov. 16, and outperforming Ethereum in NFT sales. This surge in fees is seen as a positive development for Bitcoin miners, providing a boost to their revenue streams and ensuring the continued viability of the mining ecosystem.
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