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. 

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.

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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