In September 2019, the total daily transaction fee of Ethereum ETH exceeded that of Bitcoin for the first time, which shocked the entire cryptocurrency market. As a smart contract platform, Ethereum's daily transaction fee exceeds Bitcoin, which means that the pattern of the cryptocurrency market may have undergone major changes. Let's take a deeper look at the impact and significance of this event.

The news that Ethereum's daily transaction fee surpassed Bitcoin for the first time was like a bombshell, arousing the curiosity of countless people. In the past, Bitcoin has always been the overlord of the cryptocurrency market, and its position is unbreakable. However, with the rise of Ethereum, this traditional pattern may undergo a subversive change.

As a smart contract platform, Ethereum's unique functions and innovative development direction make it stand out in the cryptocurrency field. The concept of smart contracts has won Ethereum countless supporters who believe that Ethereum will become the cornerstone of the future financial system. The fact that the daily transaction fee exceeds Bitcoin means that Ethereum's influence and practicality are gradually surpassing traditional cryptocurrencies.

Behind this event, it reflects the unremitting efforts of the Ethereum team and the market's recognition of its potential. The Ethereum team has been committed to promoting the development of blockchain technology, continuously improving platform functions, and enhancing user experience. The market's recognition of Ethereum shows investors' confidence and expectations for its future.

At the same time, Bitcoin, as the big brother of the cryptocurrency market, is constantly adjusting its strategy to remain competitive. The core team of Bitcoin has been working hard to improve its network performance and expansion capabilities to better adapt to market demand. However, the rise of Ethereum has undoubtedly sounded the alarm for Bitcoin, prompting it to speed up its pace and meet new challenges.

In this volatile cryptocurrency market, what does the rise of Ethereum and the daily transaction fee surpassing Bitcoin mean? This is not just a victory in numbers, but also a manifestation of market recognition and trust. Ethereum is moving towards a broader future, and Bitcoin is constantly adjusting itself to meet new challenges. Competition in the cryptocurrency market will become more intense, and investors will also have more choices and opportunities.

In summary, Ethereum ETH's daily transaction fee surpassed Bitcoin for the first time, and this event will have a profound impact on the cryptocurrency market. We look forward to seeing Ethereum and Bitcoin show stronger strength and potential in their future development. The pattern of the cryptocurrency market may change as a result. Let us wait and see and witness the development and changes of this historic moment.

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Binance INTL	OKX INTL	Gate.io INTL	Huobi INTL
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Note: The above exchange logo is the official website registration link, and the text is the APP download link.

According to Trustnodes on September 19, for the first time in history, the total daily transaction fees of the Ethereum network have surpassed Bitcoin.

(Image source: pixabay)

According to Massari data, in a 24-hour period over the past two days, users paid a total of $207,000 in fees to the Ethereum network, while Bitcoin paid $180,000.

Currently, Ethereum's transaction fee is $0.16 per transaction, while Bitcoin's is $0.20.

Ethereum's total transaction fees surpass Bitcoin, September 2019

As shown in the figure above, the transaction fees of other cryptocurrencies in the past 24 hours are quite different from Ethereum and Bitcoin. Litecoin's transaction fees ranked third at around $1,000, while Bitcoin
Cash's total transaction fees were only $150.

Litecoin and Bitcoin Cash are still a minority, while Ethereum and Bitcoin are both running at full capacity, with block data of about 1MB every 10 minutes.

Currently, Ethereum is trying to increase its block space by 25% through a simple and feasible miner vote.

Ethermine, one of the world's largest mining pools, said that their goal is to keep Ethereum's gas usage below 10 million, but as shown in the above figure, the company's current gas usage is 8.7 million.

This may be due to voting issues in some mining pools, such as F2Pool, and an Ethermine spokesperson publicly stated:

They are likely using Parity's default settings. Parity limits the gas amount to 8 million by default, and in order to avoid saturation of block capacity, Parity will let users vote to gradually set the gas limit to 10 million.

Ethermine said that before announcing the increase in the gas limit under public pressure, they just used the client's gas default value and therefore did not take the time to modify it.

This means that other smaller mining pools may also just use the default gas limit (because they probably don't know how to change it, or they may have customized their node clients).

Therefore, developers may only need to release an updated client that sets the gas limit default value, and since most miners are voting, the block capacity is also increasing.

At the same time, Ethereum transaction fees are also rising. EthGasStation estimates that a simple transaction on Ethereum costs $0.14, while token-based transactions cost about twice that, and smart contract interactions cost even more, up to S$1 or $2.

Part of the reason for the rising fees is that some users are using a lot of gas.

Gas usage ranking, September 2019

For example, the biggest user of gas is a gambling dividend "project" called fairwin.me.

The second is of course Tether, which has dropped from 50% of gas a few days ago to 10% now.

There are many other projects. We can see that even Cryptokitties has attracted some users.

In order to meet the increasing transaction volume, Ethereum's protocol efficiency is constantly improving, and the upcoming Istanbul hard fork can also be called a gas upgrade because it includes certain improvements in gas calculations and the required capacity of each gas unit.

Once it is put into use, further increasing the gas limit may make the network more secure, and all these updates give some breathing room to the use of sharding technology, which Ethereum still has less than a year to use.