The Block Crypto News7 minutes ago

Published on May 02, 2024 14:08 GMT+00:00edited on May 02, 2024 14:09 GMT+00:00

Average daily Bitcoin transaction fees have fallen back to the same level as Ethereum after the frenzy of activity surrounding the launch of the Runes protocol died down after the halving.

The seven-day moving average of daily Bitcoin transaction fees surged to an all-time high of $25.8 million on April 24, more than five times the daily transaction fees Ethereum was generating at the time. However, it subsequently fell to $4.1 million on Wednesday — the same daily transaction fee average as Ethereum.

Similarly, average individual transaction fees on Bitcoin spiked to $40 on April 24 — ten times higher than Ethereum. The seven-day moving average dropped to $8.60 on Wednesday but was still more than double Ethereum’s average of $3.40.

Runes transaction fee windfall subsides

After …