Bitcoin has outpaced Ethereum in daily transaction fees, signaling heightened investor interest in the leading cryptocurrency.

CryptoFees data shows that Bitcoin’s daily fees averaged $10.65 million from November 16 to November 18, surpassing Ethereum’s average fee of $6.9 million for the same period.

BTC Transaction Fees Surge

Bitcoin’s average transaction fees have notably risen since the start of this month, escalating over 1,000% to a peak of $18.67 on November 16, as per BitInfoCharts data.

This surge reflects the market’s growing optimism regarding the potential approval of a spot Bitcoin exchange-traded fund (ETF) in the US. However, the Securities and Exchange Commission (SEC) remains hesitant, delaying decisions on various Bitcoin ETF applications until 2024.

Read more: How To Prepare for a Bitcoin ETF: A Step-by-Step Approach

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Author: Oluwapelumi Adejumo

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