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Average 7-day fees paid to Ethereum protocol are almost 40x higher than Bitcoin’s

Long criticized over its high network costs, the transaction gas fees of the Ethereum (ETH) blockchain have recently recorded a seven-day average nearly 40 times higher than that of Bitcoin (BTC).

As a matter of fact, Ethereum’s seven-day average fees on April 5 amounted to $24,487,397, which is 39.29 times or 190.1% more than $623,285 – the seven-day fee average of Bitcoin, according to the data acquired from the analytics platform CryptoFees.info on April 6.

Fees paid to a protocol on April 5, 2022 (including a 7-day average). Source: Cryptofees.info

Indeed, the network’s high fees have long presented a major challenge to its usability and a threat to the vision of creating a decentralized economy, as Vitalik Buterin, the co-founder of Ethereum, himself has admitted

Ethereum gas fees lowest in months

That said, despite being the leader in the daily and seven-day averages, Ethereum’s transaction fees are at their lowest levels for more than eight months, currently sitting at $5.81. In contrast, the average gas fee on November 8, 2021, stood at $62.85, as on-chain and social metrics platform Santiment tweeted on April 6.

Source: Santiment

The current fees are the continuation of the steady drop over time. Specifically, Finbold reported in mid-March on Ethereum’s lowering transaction gas fees which at that time stood at $8.20. For comparison, the fees one week before stood at $11.14, recording a six-month low.

As reported by Finbold, Ethereum is working to switch to the Proof-of-Stake (PoS) consensus, with the planned Merge upgrade, officially marking the end of the Proof-of-Work (PoW) period for Ethereum and introducing all of the PoS benefits to the platform and its users.

ETH price analysis

At press time, Ethereum traded at $3,334, down 5.26% over 24 hours and 1.90% across the previous seven days.

Ethereum 7-day price change. Source: CoinMarketCap

It’s worth mentioning that the market capitalization of the second-largest cryptocurrency by this indicator is currently $402.14 billion, according to the CoinMarketCap data.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk. 

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