Bitcoin Record Drop in Network Usage (Fees) Chart
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Bitcoin (BTC) is reportedly losing its ranking on the network fee charts. Analysts use network fees as a measure for the usage and demand of a network.
According to a tweet from ‘Banteg’—the developer behind Yearn Finance—yesterday, BTC had dropped to the seventh spot in terms of fault fees generated from the network usage. The developer tweeted a screenshot from CryptoFees that highlighted the list of blockchains and networks, noting that:
“Orange coin [Bitcoin] in disbelief as it falls behind 56x in terms of actual usage.”
On August 15, BTC ranked number six in terms of daily fees with $515,788 in generated revenue according to CryptoFees. Ethereum (ETH) took the number one spot with a whopping $19.85 million in generated fees in the same period. This means that BTC daily fees came in at just 2.5% of Ethereum’s.
The Uniswap DeFi exchange came in at the number two spot with $2.49 million in Daily fees, while Binance Smart Chain (BSC) took the number three spot with $2.18 million. Other top network fees blockchain for August 15 included Aave at third position and SushiSwap decentralized exchange at fourth position, with $1.4 million and $836,000, respectively.
When quizzed about the effectiveness of network fees as a healthy measure of success, Banteg noted that:
“People willing to pay insane fees sounds like the best free-market comparison. This means they find immense value in Ethereum.”
Key Bitcoin Levels to Watch — August 17
Following its rapid ascent to the upper-$48k level, Bitcoin has posted a healthy correction towards the $45k critical support. The correction brought the benchmark cryptocurrency to test the 200 SMA, which BTC appears to be handling well.
That said, a sustained break below this support (200 SMA) could trigger a sharp extension in the correction towards the $43k support. This makes the current support levels critical for the near-term price action of the primary cryptocurrency.
Meanwhile, our resistance levels are at $47,000, $48,300, and $49,500, and our key support levels are at $45,000, $44,000, and $43,000.
Total Market Capitalization: $2 trillion
Bitcoin Market Capitalization: $869.7 billion
Bitcoin Dominance: 43.6%
Market Rank: #1
