Gas fees on Ethereum have fallen to new yearly lows, something crypto intelligence platform Santiment could signal an impending rally for the price of ETH and associated altcoins.
The Ethereum network had its cheapest day in over six months, which could suggest altcoins could rally “sooner than many may expect.”On April 27, the average fee for an Ethereum translation fell as low as $1.12, according to an April 28 X
“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,” wrote Santiment.Santiment explained that fees tend to peak around local market tops and fall back to “resting state” lows around the time of market bottoms.The analytics platform suggested the low gas fees could indicate a future uptick in Ethereum network activity and herald the beginning of an altcoin rally.
“With markets mainly retracing over the past 6 weeks, the lack of demand and strain on the network may help turn ETH and associated altcoins around sooner than many may expect.”) accounted for three of the top five best-performing assets in the top 50 cryptocurrencies by market cap, gaining 11.7%, 3.5%, and 2.8% respectively.Meanwhile, the lowered activity on the network has seen the circulating supply of Ethereum surge to its highest point in the last month.
In the last 30 days, 74,458 new ETH were issued while just 57,516 were burned, resulting in a net supply increase of 16,979 new Ether , per ultrasound.money This stands in stark contrast to the previous five months, which have consisted of steady deflation. Despite the recent uptick in ETH-based inflation, more than 437,000 ETH has been burned since the network’sCrypto trader sees best 'altseason' since 2017 as Bitcoin price cools
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