Ethereum Fees Higher than Bitcoin Fees - For the First Time Since 2015
A reversal of fees happened this month, according to data from monitoring resource Coin Metrics. For the first time since August of 2015, average transaction fees for Ethereum have surpassed those for Bitcoin this July, before dropping again.
This is how average fees looked in July:
And here is the historical context:
Hedge fund Tetras Capital followed up on these news with a “Bearish Thesis,” where they write that, “The recent decline in ETH’s price suggests that the speculation that drove it to new heights over the past year is exhausting. Just as ETH benefited from irrational exuberance, it will inevitably suffer further as the market sobers up.”
Ethereum price chart:
“We believe that ETH’s current price is still significantly overvalued; still significantly decoupled from the Ethereum network’s current and near-term technological state. Our research has led us to believe that the market and technology is still far too immature to justify current valuations,” added the fund.
Meanwhile, the cryptocurrency community is now jokingly mentioning “The Flippening” being close - the possible future event when Ethereum overtakes Bitcoin to become the most valuable cryptocurrency in terms of market capitalization - as Ethereum surpasses Bitcoin in some other things, too.
Although still far below the first successful cryptocurrency in terms of market capitalization, the mining reward for Ethereum has already overtaken Bitcoin. Ethereum also boasts three times the amount of transactions that Bitcoin has, as well as almost double the nodes.