BTC network settling an average of $95K for every $1 in fees

The efficiency of the Bitcoin network’s value settlement has been progressively increasing in recent months, with more being settled for lower costs.

The Bitcoin network has moved or settled an average of $95,142 in value for every $1 in fees during the last week.

Since May, as more has been transferred throughout the network during the bull cycle, the on-chain settlement efficiency has been continuously rising.

Using data from analytics vendor Glassnode, on-chain analyst Dylan LeClair discovered the discovery. Divide the average transaction volume by the fees to get the value.

Since May, as more has been transferred throughout the network during the bull cycle, the on-chain settlement efficiency has been continuously rising.

Using data from analytics vendor Glassnode, on-chain analyst Dylan LeClair discovered the discovery. Divide the average transaction volume by the fees to get the value.

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The ultimate settlement expenses were just 0.00105 percent of the $451.3 billion total value transferred.

Bitcoin is ranked eighth in the list of networks by daily transaction costs, according to CryptoFees. It ranks below Ethereum, Uniswap, Binance Smart Chain, SushiSwap, Aave, and Compound with a seven-day average of roughly $678,000.

According to the fee monitoring website, Ethereum is already collecting $53 million in daily fees, which is 98.7% higher than the Bitcoin network. Bitcoin and Ethereum should not be compared in terms of value settlement and costs since they are two separate entities: the former is a store of value asset, while the latter is a smart contract and decentralised application network.

Layer two networks, which have exploded in popularity in recent months with a near-all-time high total value locked of $6.87 billion, may be used to sidestep Ethereum’s network fee issues.