Gas fees on the Ethereum network have hit a six-month low, even as the price of Ether (ETH) experienced a slight rally over the weekend. Analysts from cryptocurrency analytics platform Santiment believe that this could indicate an upcoming altcoin rally. According to Santiment, on April 27, the average fee for an Ethereum transaction fell to as low as $1.12. They explained that transaction fees tend to peak during market tops and fall to lower levels during market bottoms. In February of this year, gas fees on Ethereum reached an eight-month high due to increased interest in an experimental token standard called ERC-404. The decrease in gas fees could suggest increased activity on the Ethereum network and the beginning of an altcoin rally.
CoinGecko data shows that the price of Ether increased by 4.3% in the last week. On April 27, Ethereum layer-2 networks Optimism (OP), Arbitrum (ARB), and Polygon (MATIC) were among the top five best-performing assets in the top 50 cryptocurrencies by market cap, with gains of 11.7%, 3.5%, and 2.8% respectively. The decreased network activity has led to a surge in the circulating supply of Ethereum over the past month. Within the last 30 days, 74,458 new ETH were issued, while 57,516 were burned, resulting in a net supply increase of 16,979 new Ether (ETH), according to ultrasound.money data. This is in contrast to the previous five months, which saw a steady deflation.
Despite the recent increase in ETH-based inflation, over 437,000 ETH has been burned since the network switched to a proof-of-stake consensus mechanism, known as ‘The Merge,’ on September 15, 2022. This transition has had a positive impact on reducing the overall supply of Ethereum. The combination of lower gas fees, increased network activity, and the burn mechanism suggests that there may be positive developments ahead for Ethereum and other altcoins. The decrease in gas fees could attract more participants to the network, resulting in increased demand and potentially driving up the prices of altcoins. It is important to closely monitor market trends and developments to assess the sustainability of these potential rallies.
Wow, a slight rally over the weekend and people are already talking about positive developments? Let’s not get ahead of ourselves. 🙄
Gas fees on Ethereum at a six-month low? That’s amazing news! Lower fees can attract more participants and drive up demand for altcoins. This could open up new possibilities for the crypto market. Let’s see where this takes us!
I’m tired of hearing about Ethereum and altcoin rallies. It’s all just speculation and hype. 🙄
Woohoo! Gas fees on Ethereum dropping to a six-month low is great news for the network and the altcoin market! Lower fees can attract more participants and pave the way for positive developments. Bring on the altcoin rally!
The decrease in gas fees is a breath of fresh air! Lower costs mean more accessibility for Ethereum users. An altcoin rally might be on the horizon, and I’m optimistic about the future of the crypto market. Let’s go, Ethereum!
Ethereum gas fees dropping to a six-month low is great news for the network and its users! Lower fees mean more accessible transactions and potentially higher demand for altcoins. Let’s keep an eye out for an altcoin rally!
Finally, some relief from high gas fees on Ethereum! 🙌 Lower transaction costs can make a big difference for users. 💸 An altcoin rally might be just around the corner, and that’s something to look forward to. Let’s go, Ethereum! 🚀
Ethereum gas fees hitting a six-month low is great news! This can attract more users and drive up demand for altcoins. I’m keeping an eye on the market for signs of an altcoin rally. Exciting times ahead!
I highly doubt that the decrease in gas fees is a sign of an altcoin rally. It’s likely just a temporary dip and things will go back to normal soon. 😒
Ethereum gas fees hitting a six-month low is music to my ears! Lower fees open up new possibilities for users and pave the way for positive developments. An altcoin rally could be just what the market needs. Let’s keep our hopes up!