Rune-related Bitcoin transaction fees plummet 98%! Bitcoin market cap/transaction fee ratio lower than Ethereum for first time in 5 years

This site (120BtC.coM): According to TheBlock data, under the craze of the Runes protocol (Runes) launched at the same time as the Bitcoin halving, transactions on the Bitcoin network Fees have climbed accordingly, with the seven-day moving average of Bitcoin’s average transaction fees exceeding $40, which is about 10 times higher than Ethereum’s $4.10.

At the same time, Bitcoin’s total transaction fees also surpassed Ethereum, with its 7-day moving average climbing to $25.77 million, a record high.

Bitcoin’s market cap/transaction fee ratio was briefly lower than Ethereum

What’s more noteworthy is that the market cap/transaction fee ratio of Bitcoin and Ethereum has subsequently reversed. The ratio It is calculated by dividing the market value of the blockchain's native assets by the total annualized fees paid to the network. It is somewhat similar to observing the price-to-earnings ratio (P/ERatio) of a traditional company. The P/E ratio is calculated by dividing the company's market value by its net profit after tax. .

Earlier this month, the moving average of Bitcoin’s market cap/transaction fee ratio was 2,400 and Ethereum’s was just 118.33, but by April 25, Bitcoin’s ratio had fallen to 220.77, below Ethereum’s 227.12 is the first time since July 2019 that the seven-day moving average of Bitcoin’s market cap/transaction fee ratio has fallen lower than Ethereum’s.

Bitcoin network current handling fee

Bitcoin network halving day handling fee

Guiriba, a cryptocurrency analyst at research institution Paradigma Education, recently pointed out that of the more than 20,000 rune tokens currently on the market, only 77 are relatively successful, accounting for less than 0.4%. The money-making effect is not obvious, perhaps because of the The main reason why the literary craze faded.

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