Bitcoin fees surpass Ethereum fees in the past 24 hours due to two key factors – DL News

Bitcoin Users Pay $7.47 Million in Gas Fees, Halving and Runes Upgrade Expected to Go Live April 20

In the last 24 hours, Bitcoin users have paid a staggering $7.47 million in gas fees, surpassing the fees paid by users on Ethereum, according to data from Cryptofees. This surge in fees comes as excitement builds for the upcoming halving and the Runes upgrade.

The Bitcoin halving, scheduled for Saturday, will cut the reward for minting a new Bitcoin block in half to 3.125 Bitcoin from 6.25 Bitcoin. This event occurs every four years and is anticipated to have a significant impact on the cryptocurrency market.

Additionally, the Runes upgrade is set to go live on the same day, aiming to enhance the efficiency of trading NFTs and tokens on the Bitcoin blockchain. This upgrade has sparked a flurry of activity on Bitcoin, with Bitcoin NFTs dominating in volume and user engagement compared to other blockchains.

Magic Eden, an NFT marketplace, saw $37 million in volume in the last 24 hours, with $25 million of that activity on Bitcoin alone. The most actively traded Bitcoin NFT collection, Runestones, recorded a volume of $9.6 million, outperforming major Ethereum collections like Pudgy Penguins and Bored Ape Yacht Club.

Following the Runes upgrade, holders of Runestones are expected to receive airdrops from three different Runes memecoin projects, further fueling excitement in the community. In addition, trading activity for BRC-20 tokens on Bitcoin has surged, with users paying over 18.6 Bitcoin in fees for these tokens in the last 24 hours.

With the total market capitalization for BRC-20s exceeding $2.5 billion, the cryptocurrency market is abuzz with anticipation for the upcoming developments in the Bitcoin ecosystem. Stay tuned for more updates on this evolving story.