Ethereum

2024

April

Million

Ethereum’s gas fees have taken a dive to a six-month low, even as Ether experienced a modest weekend rally, signaling a potential surge in altcoins. 
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 🤑 <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener" data-wpel-link="external">#Ethereum</a>'s average fee level has dipped to just $1.12 per network transaction, the lowest average cost in a day since October 18th. Traders historically move between sentimental cycles of feeling that <a href="https://twitter.com/hashtag/crypto?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener" data-wpel-link="external">#crypto</a> is going "To the Moon" or feeling that "It Is Dead", which can… <a href="https://t.co/8b8rLMLyIf" target="_blank" data-wpel-link="external">pic.twitter.com/8b8rLMLyIf</a>— Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1784511938476855337?ref_src=twsrc%5Etfw" target="_blank" rel="noopener" data-wpel-link="external">April 28, 2024</a>
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According to Santiment, this drop in fees, reaching $1.12 on April 27, could indicate market sentiment shifts. Historically, high fees align with market peaks, while low fees suggest market bottoms. 
In February, gas fees spiked due to interest in ERC-404 tokens. Santiment predicts the current low fees may boost Ethereum activity and kickstart an altcoin surge, especially with recent gains in Ether’s price. Layer-2 networks like Optimism, Arbitrum, and Polygon have also seen positive movements. 
Despite Ethereum’s circulating supply rising with 16,979 new ETH added last month, it contrasts with the previous deflation trend. However, the network’s switch to proof-of-stake has seen over 437,000 ETH burned. 
This shift in gas fees and network dynamics hints at potential market movements, highlighting the evolving landscape of cryptocurrency trading. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/04/26/ethers-510-million-longs-at-risk-amid-weekend-volatility/" target="_blank" rel="noreferrer noopener" data-wpel-link="internal">Ether’s $510 Million Longs at Risk Amid Weekend Volatility</a> 
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Ethereum’s Six-Month Low Gas Fees Hint at Altcoin Rally

The Crypto Times

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