Ethereum has consistently maintained higher total fees paid on the network than on the Bitcoin network for 30 days in a row, as shown by the Glassnode data. Rate volume has been above Bitcoin's roughly since June 6 and experienced a sharp rise in the month to nearly $ 4 million before falling to the current level it has held ever since.
Before June 6, both the volume of Bitcoin and Ethereum fees were on the rise with Bitcoin maintaining a higher level. Bitcoin was hovering around $ 800,000 before Ethereum hit it. The two recent outrageous fee transactions on Ethereum have been implicated by the sharp rise seen in the second week of June.
What does this mean?
Although the sharp rise was caused by two "abnormal" transactions, Ethereum's fee volume has managed to stay above Bitcoin ever since. Analysts say this is an indication that there is more demand for the use of the Ethereum blockchain now than for Bitcoin, hence the increase in total fee volume.
There has recently been an increase in activity on the Ethereum network that is due to the growth that is being experienced in the DeFi space. Ethereum transaction fees finally increased as a result and growth appears to be on the rise. The upcoming release of Ethereum 2.0 may also have contributed to this sudden interest and there are more people building on the net than ever. With Ethereum's massive support for several different projects, activity is unlikely to slow soon.
Growth is good for ETH
Ethereum ETH's native currency is currently the second largest cryptocurrency by market cap after Bitcoin. There have been several articles saying that ETH is highly undervalued, especially considering the current growth rate in the DeFi space. However, continued growth is good for the cryptocurrency as more users will join, which will eventually make it more valuable.
Also considering that the transition to a proof-of-stake algorithm is underway, ETH may be favored as more users bet their coins to earn engagement rewards on the network.