Gas fees paid on Bitcoin surpassed the value of Ethereum in the last 24 hours. Users reportedly paid $7.47 million in transaction fees compared to $7.31 million on Ethereum. However, the average of the last 7 days is more optimistic for Ethereum, as the number is $8.5 million compared to $7.5 million. Nevertheless, this is the sixth-highest day for fees generated by Bitcoin this year, that is, 2024.
It is expected that the fees will surpass those of Ethereum on the basis of two catalysts: Bitcoin Halving and the Runes upgrade.
Bitcoin Halving is expected to happen on April 20, 2024, along with the Runes upgrade. While Bitcoin Halving will slash mining rewards and control the token’s circulation supply, the upgrade will make it more efficient for the community to conduct NFT and token trades in Bitcoin. Ethereum is ideally known for generating fees from DeFi protocols, thereby resulting in a higher number.
The anticipation for the Halving and Runes upgrade and NFT-related activity have contributed to this. Bitcoin NFTs often dominate the market, as evidenced by the fact that out of $37 million in volume on Magic Eden in the last 24 hours, 67% was on Bitcoin. This is higher than OpenSea and Blur, the two most popular NFT marketplaces.
Bitcoin is up 4.73% in the last 24 hours and is listed at $64,804.28 at the time of writing this article. It has also dropped 8.42% in the last seven days. Bitcoin has essentially found its way back to a low value after hitting a high of $73,000. A correction was speculated, but any further drop will cause the token to lose optimism despite Halving being just around the corner.
Based on the Bitcoin halving price predictions, BTC is expected to hit the milestone of $100,000 by the end of 2024. A higher, or alternative, speculation is that BTC could go as high as $150,000. As for ETH, the token is at $3,098.50 right now, up by 2.64% in the last 24 hours. It further reflects a dip of 12.19% over the last 7 days.Â
Notably, ETH has also shed a lot of weight ahead of Bitcoin Halving and lost its momentum, which was taking it closer to $4,000. This could be because there has been no update on the approval of the Ether ETF. It is still expected to get a green signal by the end of this year. That will position ETH in the best place, probably along with Bitcoin, in the crypto market.
Bitcoin fees gained an edge over Ethereum in the last 24 hours. It now remains to be seen if the trend will sustain or fall to the 7-day average line against Ethereum.
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