Rise of ETH Transaction Fees: Comparative Analysis with BTC

The increase in Ethereum (ETH) transaction fees is comparable to the upward trajectory observed in Bitcoin transaction fees, given that the cost of gas necessary for transmitting the digital currency has risen during this time frame.

Currently, the mean transaction charge for ether is $6.64, while the median transaction fee is 0.0013 ETH, or $2.70.

Notably, the expenses associated with transferring ether are nearly identical to those of transferring bitcoin, as evidenced by the similarity in average and median charges for ETH transactions to Bitcoin transactions.

Conversely, a notable distinction arises when performing alternative transactions on the Ethereum blockchain, such as interacting with a smart contract.

The mean transaction fee for Ethereum (ETH) on November 12, 2023. The highest recorded average cost was $10.52 on November 9, 2023.

Consequently, the transaction fee for exchanging an ETH-based asset on a decentralized exchange (dex) platform can vary between $27.77 and $28.50.

Similarly, the cost of performing a transaction involving non-fungible tokens (NFTs) ranges from $46.33 to $48.16.

The estimated cost of bridging to transfer assets between various chains on Sunday, November 12, was between $8.93 and $9.17.

Between October 22, 2023, and November 11, 2023, the Ethereum platform facilitated an approximate daily average of 1,071,448 transactions.

In consideration of the ETH and BTC “Flippening Watch,” In comparison to the earnings of BTC miners, BTC continues to outperform ETH in terms of market capitalization, daily trading volume, and 24-hour fees collected by validators.

Irrespective of the viewpoint, transactions on the two blockchains with the highest market capitalizations are considerably more expensive than those on other layer 1 (L1) platforms.