$94,123.00
6.36%$1,793.94
10.21%$2.28
8.65%$612.80
1.14%$152.60
9.34%$0.999998
0.01%$0.1829
11.41%$0.707586
10.50%$0.246444
-0.88%$1,791.51
10.17%$94,137.00
6.55%$23.00
13.78%$2.94
26.98%$14.89
11.60%$0.273329
10.37%$9.09
0.15%$0.00001376
9.98%$0.188113
9.01%$3.14
7.66%$2,154.31
10.14%$0.999924
-0.00%$360.47
3.88%$84.80
6.28%$19.06
4.76%$4.16
11.07%$4.62
4.14%$1.002
0.17%$1,794.70
10.04%$0.999422
0.01%$0.669129
5.69%$226.85
4.65%$28.49
0.46%$1,913.07
10.11%$0.0000092
13.10%$94,085.00
6.32%$5.99
11.61%$5.37
10.61%$52.35
2.53%$2.50
14.26%$0.945692
9.86%$24.06
3.99%$336.23
3.01%$5.23
12.11%$32.92
2.11%$16.95
8.48%$0.093542
13.29%$1.049
-0.00%$0.095718
6.33%$164.47
11.97%$1.00
0.00%$4.65
6.18%$0.712735
8.02%$0.02639926
11.90%$1.17
0.08%$4.36
6.64%$94,152.00
6.82%$0.220102
1.65%$0.343478
17.08%$0.220388
14.13%$9.34
9.52%$4.23
-0.00%$2.75
9.53%$2.83
12.21%$0.642288
9.15%$0.523507
8.75%$0.331122
10.09%$0.999131
0.10%$4.15
5.44%$94,143.00
6.66%$0.454261
12.16%$10.26
2.79%$159.70
9.48%$0.760117
9.47%$1,490.94
7.25%$0.81177
8.56%$0.078148
8.75%$0.00001582
22.82%$0.647317
41.35%$1.15
8.60%$0.870193
11.63%$1,798.21
10.49%$1.067
1.07%$0.01682641
4.50%$72.17
7.05%$1,868.60
10.09%$0.67291
6.40%$3.79
4.52%$0.196666
9.70%$9.62
13.41%$1.00
-0.02%$15.81
7.61%$0.673738
9.89%$0.091421
8.82%$0.999892
0.01%$2,022.18
10.10%$1.001
0.16%$3,351.31
-3.56%$93,699.00
6.75%$1.00
0.04%$0.01654676
16.61%$613.70
1.29%$3,356.03
-3.38%$2.65
12.96%$196.31
9.45%$0.0172006
8.28%$93,981.00
6.30%$168.35
9.26%$0.196537
14.71%$0.299308
9.26%$0.810329
11.10%$3.88
13.54%$0.120098
5.95%$1,909.46
10.36%$0.697028
10.91%$0.99762
-0.01%$0.668364
3.14%$0.00006878
16.94%$0.513515
18.21%$0.01900842
12.35%$0.00000064
4.91%$0.399405
7.00%$93,898.00
5.73%$0.999099
0.03%$30.96
5.90%$1.89
10.15%$0.245932
9.93%$2.03
4.88%$1.11
2.34%$0.00647771
14.19%$0.314236
4.84%$3.53
6.10%$0.545324
7.40%$1,876.21
10.10%$17.06
11.40%$0.154539
8.60%$0.556921
27.73%$0.219565
77.00%$0.560741
6.23%$33.34
7.46%$0.562497
22.22%$0.769347
33.19%$0.998866
0.16%$0.00873628
5.06%$0.643817
9.86%$91,870.00
5.30%$0.446178
7.56%$0.067288
0.68%$94,167.00
6.51%$0.183319
11.70%$1.00
0.01%$0.04644621
31.44%$1.32
5.54%$1.66
4.80%$1.00
0.01%$88,321.00
0.00%$1,848.99
8.85%$2.12
7.87%$15.69
11.43%$0.00002224
6.93%$0.149458
10.47%$0.00682908
33.72%$6.53
18.77%$6.06
11.42%$1,791.67
9.95%$110.78
0.01%$93,881.00
6.46%$0.00000043
-0.47%$1.012
1.06%$0.511729
10.68%$1.084
0.01%$2.53
11.48%$3.71
9.26%$0.078006
9.07%$0.339372
20.54%$0.491147
21.34%$0.04144508
11.39%$0.0073971
16.82%$43.35
8.69%$1,793.38
10.20%$1,793.47
10.23%$0.220259
1.75%$1,908.21
10.26%$0.082262
7.94%$0.999894
0.02%$1.00
0.01%$1,793.08
10.25%$21.75
-0.78%$0.572907
8.03%$0.361732
21.62%$0.00420456
4.08%$0.175435
3.43%$1.001
0.12%$0.00006381
5.34%$0.832354
6.40%$0.01739449
0.61%$1,833.94
9.85%$1.001
-0.00%$0.999846
-0.00%$0.120304
0.60%$0.333964
9.21%$0.03178892
1.27%$0.677699
21.46%$0.0000015
14.82%$94,078.00
6.44%$2.72
9.41%$1.21
10.79%$0.242416
10.51%$114.69
8.39%$26.85
7.25%$1.00
0.01%$0.00425419
63.80%$0.292703
32.14%$3.65
6.19%$0.140154
0.26%$94,402.00
6.82%$0.643011
11.88%$0.68316
-3.54%$1,773.71
9.98%$0.999758
0.01%$22.52
7.86%$0.274859
5.35%$2.84
3.14%$3,187.04
0.00%$1,897.82
10.51%$0.00043608
-1.09%$23.01
13.84%$0.189125
7.68%$1,793.93
10.20%$0.113206
8.18%$0.513198
5.87%$0.03704664
3.83%$15.53
11.36%$0.00285486
9.74%$0.971393
15.45%$0.446996
7.08%$0.01277272
7.42%$0.74035
11.00%$1,889.22
6.31%$0.02953268
6.07%$1.047
12.62%$0.00
12.51%$0.240539
22.78%$2.27
7.84%$1,966.20
10.13%$0.999479
-0.05%$94,197.00
6.58%$1.00
0.68%$1,951.71
10.07%Reading
While BitcoinBitcoin’s average transaction fees more than doubled in the past week, EthereumEthereum’s are on the decline, according to data from BitInfoCharts. An exodus from a large cryptocurrency exchange accused of money-laundering could be partly responsible.
The average cost of processing a Bitcoin transaction, which must be paid to the miners that process each transaction on the Bitcoin blockchainblockchain, is $4. On Sunday, September 27, the same transaction cost an average of $1.5.
The average cost of an Ethereum transaction also rose at the beginning of the week, from $2.3 on Sunday to $3.6 on Tuesday, an increase of 57%. But then fees sharply declined, tumbling back down to $2.3 by Friday, the most recent date for which BitInfoCharts has data.
Transaction fees rise when lots of people move cryptocurrency at once. This is because the demand for minersminersto process cryptocurrency transactions outstrips the supply, so miners hike up their fees.
This means that Bitcoin’s transaction fees are almost double those of Ethereum. But Ethereum, not Bitcoin, is known for having sky-high transaction fees these days.
That’s largely the consequence of this summer’s DeFiDeFi(decentralized finance) boom, during which investors flooded the network with around $10 billion, hoping to reap some of the rewards offered by Ethereum-based DeFi protocols such as Compound, Aave and Uniswap. On September 2, an average Ethereum transaction cost $14; then, the average Bitcoin transaction cost $4.6.
So, why has Bitcoin edged out Ethereum this week? It could have something to do with a cryptocurrency exchange called BitMEX. On Thursday, the United States Commodity Futures Trading Commission filed money-laundering and criminal charges against BitMEX and its founders. This caused an exodus of the Bitcoin held on the exchange.
BitMEX is the fifth largest derivatives exchange, and crypto metrics site Glassnode tweeted yesterday that traders withdrew almost 40,000 Bitcoin from the exchange—a large chunk of the 170,000 Bitcoin ($1.8 billion) held in BitMEX’s wallets, or almost 1% of all Bitcoin in circulation.
#Bitcoin outflows from BitMEX addresses continue – our data shows that in the past hour another 7.200 BTC were withdrawn.
The total amount pulled from the exchange over the past day is now nearly 40,000 $BTC.
Live chart: https://t.co/jlunNHscY3 pic.twitter.com/i0jtdjBtqG
— glassnode (@glassnode) October 2, 2020
Still, the charges were filed on Thursday, and fees have been rising since last Sunday. Bitcoin’s transaction fees haven’t been this much higher than Ethereum’s since the end of August. On August 27, Bitcoin’s average transaction fees were $4.2, compared to Ethereum’s, which were $2.4. (Coincidentally, on this day, Ethereum’s fees were also 57% of Bitcoin’s fees).
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
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