All Eyes On Eth2; Ethereum Continues To Exceed Bitcoin In Fees For One Whole Month
With Ethereum 2.0 underway, the network has been outperforming every other asset. Touted as the highest gainer of the second quarter of 2020, Ethereum continues to beat Bitcoin in terms of the total fees.
Ethereum’s Glory Days
Bitcoin was the first-ever cryptocurrency to be dropped into the financial world. Despite the entry of many other digital assets, the king coin has continued to maintain its dominance over the industry for more than a decade now. However, the Ethereum network seems to be overtaking Bitcoin in terms of transaction fees.
Anthony Sassano, the Co-founder of EthHub, shared a tweet highlighting the fact that the total fees paid on Ethereum were more than that of Bitcoin. The spike in Ethereum’s fee was fueled by the exorbitant $2.6 million paid in fees, last month, and ever since Ethereum has been lounging above Bitcoin with regard to total fees in USD.
While this is the first time that the fee paid on Ethereum has been higher than the fee paid on Bitcoin for a whole month. The latest fee volume of Ethereum was at $476,663.62 while the total fee volume of Bitcoin was $227,561.36.
Furthermore, Anthony Sassano in his tweet, pointed out that the people were eyeing Ethereum’s block space as opposed to Bitcoin’s. His tweet read,
“It’s simple: There is greater demand to use Ethereum’s block space than Bitcoin’s.”
Eth 2.0′ Status Quo
Etheruem seems to be performing admirably. The coin was even touted at the highest gainer of the second quarter of 2020 by CoinGecko. The network has been evidently prepping the right way for the release of Ethereum 2.0 aka Serenity which aims to make the network more scalable.
The network recently rolled out the Altona testnet for the Phase 0 of Eth2. The fact that Altona is a multiclient testnet differs it from the other testnets. The platform is on track following its timely release of the testnet.
More recently Hong Kong-based, IOSG Ventures shared a tweet highlighting their experience in trying out a testnet for Eth2. The tweet read,
Lots of excitement as we’ve been trying out a testnet node for #Ethereum 2.0. @VitalikButerin @ethereum @drakefjustin @raulitojordan @DoveyWan @IvanOnTech @Consensys @ColinTCrypto— IOSG Ventures (@IOSGVC) July 6, 2020
Here's our summary:
Altcoins Awakening The Bulls?
At the time of writing, altcoins seemed to be taking over the crypto market with significant price changes. ETH was rising by 4.60 percent and was trading at $235.67, during press time. Bitcoin SV [BSV] was the top-performing coin as its price was soaring by 12.29 percent in the last 24-hours. Bitcoin on the other hand witnessed a dainty 2.25 percent increase in its price over the last 24 hours.