Bitcoin vs. Ethereum: Higher fees spark debate as demand booms

miners have been more profitable after the fourth halving. On 20th April, BTC hit record fees of over $80 million, outpacing its previous all-time high in 2017, according to IntoTheBlock’s Head of Research,Source: X/Lucas OutumuroReferencing BTC’s higher-than-normal $128 average fees, a pseudonymous crypto analyst claimed that the Bitcoin network now has more demand for block space than Ethereum.

“The average fee to send value on Ethereum network is about $0.50 right now . On Bitcoin network it’s $20. That’s a 40x difference in demand for BTC blockspace. Huge alpha there.” It’s worth noting that the spike in BTC fees also coincided with the launch of Runes Protocol, a new Bitcoin fungible token standard.“BTC’s fees are still $20 because LN is garbage, and there are no other alternatives.”Source: X/Adriano Feria

Nevertheless, other analysts and execs expect Bitcoin to record more fees as Runes Protocol gains more traction and BTC L2s heat up.“24 hours after the halving, inflationary rewards have dropped by 50%, but transaction fees spiked 1,200% due to Runes. Miners made a record $100M+ in revenue on 4/20.”“Remember when we told you that Bitcoin fees will do a 500x? Yeah, we’ve been working on Bitcoin L2s for a reason. Happy halving, everyone! Next stop, Nakamoto.

Merlin Chain, another BTC L2, went live on 19th April and now leads in terms of TVL per DefiLlamaBenjamin is a Telecommunication Engineering graduate who is passionate about crypto-markets and unraveling market trends. Armed with charts and patterns, he's interested in making the intricate, complex landscape of digital assets more palatable for every user.Subscribe to get it daily in your inbox.

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