In the last 24 hours, Bitcoin transaction fees exceeded those of Ethereum, with users paying $7.47 million in Bitcoin fees compared to $7.31 million in Ethereum fees. However, over the past 7 days, Ethereum remains ahead with an average of $8.5 million in fees compared to Bitcoin's $7.5 million. Despite this, Bitcoin experienced its sixth-highest day for fees in 2024.

Bitcoin fees may continue to surpass Ethereum fees due to two factors: the Bitcoin Halving and the Runes upgrade. The Bitcoin Halving, set for April 20, 2024, will reduce mining rewards and manage the token's supply, while the Runes upgrade will enhance efficiency in NFT and token trading on Bitcoin. Ethereum traditionally generates more fees from DeFi protocols, which leads to a higher fee total.

The anticipation for the Halving, Runes upgrade, and NFT activity has played a role in these trends. Bitcoin NFTs are a strong presence in the market, as seen by the fact that 67% of $37 million in volume on Magic Eden in the last 24 hours was in Bitcoin, outpacing OpenSea and Blur.

Bitcoin has seen a 4.73% increase in the last 24 hours, reaching $64,804.28, but dropped 8.42% over the last week. It has nearly returned to a lower value after hitting a high of $73,000. A further decline may challenge optimism despite the impending Halving.

Based on projections, Bitcoin could reach $100,000 by the end of 2024, with some expecting it to rise as high as $150,000. Meanwhile, Ethereum is valued at $3,098.50, up 2.64% in the last 24 hours but down 12.19% over the past 7 days.

Ethereum's recent decline could be linked to a lack of progress on the approval of the Ether ETF. A green light by year's end could position Ethereum favorably in the crypto market alongside Bitcoin.

In summary, Bitcoin fees outpaced Ethereum's in the last 24 hours. The question remains whether this trend will continue or revert to the 7-day average against Ethereum.