Recent on-chain data reveals that transaction fees on the Bitcoin (CRYPTO:BTC) blockchain nearly matched those on Ethereum (CRYPTO:ETH) during the second quarter of 2024.
Bitcoin users collectively paid approximately $440 million in fees, marking a substantial 61% increase from the previous quarter, driven partly by the adoption of the Runes protocol.
In contrast, Ethereum saw a notable 63% decrease in fees, totaling around $441 million, attributed to increased usage of Layer 2 solutions which enhance transaction efficiency.
Despite these shifts, both networks continue to face high transaction costs compared to Litecoin (CRYPTO:LTC), which remains the most economical option among the major cryptocurrencies.