Bittime - Although the price of Ether (ETH) rose slightly last weekend, gas fees on the Ethereum network have plummeted to their lowest level in six months. Analysts from crypto analytics platform Santiment consider this an indication of an impending altcoin rally.
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Sentiment Cycle and Transaction Costs
According to a Sentiment post on April 28, average Ethereum transaction fees fell as low as $1.12 on April 27. Santiment explains that transaction costs tend to peak around local market tops and then fall back to “resting” lows around market bottom times.
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Potential for an Altcoin Rally
Ethereum gas fees hit an eight-month peak in February this year due to interest in the experimental ERC-404 token standard. The analytics platform claims that low gas fees could indicate increased Ethereum network activity in the future, which may also be an early indication of an altcoin rally.
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Effects on Ether Prices
With the market largely in retracement over the past 6 weeks, the lack of demand and pressure on the network will likely help reverse the course of ETH and related altcoins sooner than many expect.
This comes as Ether prices have rallied slightly, rising 4.3% in the past week, according to cointelegraph data.
Performa Layer-2 Ethereum
As of April 27, Ethereum layer-2 networks such as Optimism (OP), Arbitrum (ARB), and Polygon (MATIC) accounted for three of the top five assets in the top 50 cryptocurrencies by market capitalization, with increases of 11.7%, 3.5% respectively , and 2.8%.
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Ethereum burning and supply
On the other hand, the decline in network activity has caused Ethereum's circulating supply to surge to its highest level in the past month. According to ultrasound.money data, the net supply of new ETH increased by 16,979 ETH, as only 57,516 ETH was burned in the last 30 days.
How To Buy Ethereum (ETH) With Bittime
You can buy and sell Ethereum (ETH) in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Ethereum (ETH) is available on Bittime with ETH IDR pairing.
To be able to buy ETH tokens on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet . For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn How to Buy Ethereum (ETH) on Bittime.
Monitor price chart movements of Ethereum (ETH), Bitcoin (BTC), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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