Recently, according to Glassnode, the Ethereum miners received 60% more fees than their Bitcoin counterparts. This is a continuing increase that could be related to increased demand for smart contracts and increased transfers on the network.
This fact, which occurred last Saturday, is something that has not been repeated for months. Furthermore, it could result in the price of ETH rising considerably.
This is a rare event in the network. The fact that a kryptonie gets a higher commission than Bitcoin means that it offers great opportunities for investors.
This increase in the fees received by Ethereum miners was expressed as follows
The aforementioned startup illustrated in its Twitter account the details of the frequency and magnitude of the event. „Ethereum’s daily commissions exceeded Bitcoin’s daily commissions yesterday. Ethereum commissions: 498k and Bitcoin commissions: 308k. So far, this has happened 141 days (8%)“.
There are some reasons behind this event. One of them is that the demand for transfers has grown, motivated by the volatility of cryptomonies. Second, ponzi schemes may be gaining popularity again at Ethereum.
Another issue that could be taken into account and as a derivative of the previous one, is that stablecoins are growing. The demand for stable currencies by crypto traders has increased.
This has happened before
It was said to be an unusual event. However, in the past, the Ethereum miners have received better rates than those in the queen’s cryptomone.
The first time this happened was from 16 to 22 February 2018. On that date, Ethereum miners‘ commissions exceeded those of their Bitcoin rivals by 724k for the first and 482k for the second.
The highest peak in Ethereum miners‘ fees, compared to Bitcoin, was July 2, 2018. Ethereum’s commissions exceeded 2.7M, while Bitcoin’s remained at 151k.
The last time, until now, that the Ethereum miners‘ commissions won the race was last March. On the 12th of that month, they reached 799k, while the Bitcoin miners received 397k.
Why isn’t Ethereum as centralized as we think?
The most important of the altcoins
If we compare it to Bitcoin, Ethereum looks like a small coin. The market capitalization of the former, according to the CryptoCompare portal, exceeds $179 billion. Ethereum’s is $27 billion.
However, Ethereum becomes the most important of the altcoins. The difference is noticeable if we compare it to Bitcoin Cash, which has a Market Cap of $4.6 billion.