- The average cost of Ethereum transactions declined to $1.12 on April 27.
- The circulating quantity of Ethereum has surged to its highest point in the recent month.
The Ethereum network’s gas fees hit a six-month low, coinciding with a small weekend increase in ETH pricing. This, according to experts at crypto analytics platform Santiment, may be a precursor to a rebound in altcoins. Santiment recorded in an April 28 X post that the average cost of Ethereum transactions declined to $1.12 on April 27.
According to Santiment, fees often reach their highest point during the beginning of market peaks and then return to their “resting state” low at the conclusion of market troughs. February saw a surge in interest in the experimental token standard known as ERC-404, which caused gas fees on Ethereum to hit an eight-month high.
Santiment stated:
“Traders historically move between sentimental cycles of feeling that crypto is going ‘To the Moon’ or feeling that ‘It Is Dead’, which can be observed through transaction fees.”
Altcoin Rally Anticipated
A possible sign of an impending increase in Ethereum network activity and the start of an altcoin rally, according to the analytics platform, might be the low gas fees.
This news comes as statistics from CoinMarketCap shows that the price of Ether has risen little, rising 4.3% in the last week. Optimism, Arbitrum, and Polygon—the native tokens of Ethereum layer-2 networks—reached 11.7%, 3.5%, and 2.8% gains, respectively, on April 27.
The circulating quantity of Ethereum has surged to its highest point in the recent month due to the decreased network activity. According to statistics from ultrasound.money, there was a net rise of 16,979 new Ether (ETH) in the previous 30 days, with 74,458 new ETH issued and only 57,516 burnt.
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