A Different Kind Of 'Flippening:' Ethereum Overshadows Bitcoin In Transaction Fees In 2022

While Bitcoin BTC/USD is still the apex coin, Ethereum ETH/USD has 'flipped' the latter in terms of transaction fees this year.

What Happened: Chris Burniske, former Blockchain Products lead at the Cathie Wood-led Ark Invest, shared a chart on Twitter to highlight ETH’s dominance in terms of the percentage share of fees over time. 

Almost didn't believe it when I saw it, $BTC currently at ~1% of $ETH in terms of the amount people pay to use the network.

— Chris Burniske (@cburniske) February 1, 2022

Burniske said he didn’t believe it when he saw the chart. Bitcoin is “currently at ~1% of [Ethereum] in terms of the amount people pay to use the network."

See Also: How To Buy Ethereum (ETH)

Why It Matters: The average Ethereum transaction fee stood at 0.013 ETH, or $36.55, at press time. 

Comparatively, the average transaction fee on the BTC network was 0.000054 BTC or $2.08 at press time. 

Ethereum transaction fee has risen considerably sharper. At the beginning of July 2020, it was merely $0.462, while at the time the average BTC transaction fee was $2.48.

The sharp spike in Ethereum fees came as the popularity of non fungible tokens, decentralized finance, and smart contracts rose.

Yan Pritzker, co-founder of the Swan Bitcoin app, commented on Burniske’s post saying high transaction fees on BTC and ETH constitute bullish and bearish cases for the respective coins.

https://t.co/qoImkqxhL3

— Yan Pritzker  (@skwp) February 1, 2022

Price Action: At press time, Over 24 hours, BTC traded 0.3% lower at $38,479.56, while ETH rose 0.8% higher at $2,722.92.

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