Santiment: Ethereum Network Gas Fee Drops to Six-Month Low, Possibly Signaling an Upcoming Altcoin Rebound

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Bitget2024/04/29 02:19

By:Bitget

ChainCatcher news, according to the encryption analysis company Santiment, the average transaction fee level of the Ethereum network has dropped to only $1.12 per transaction, which is the lowest daily cost since October 18, 2023.

Traders switch between emotional cycles, sometimes feeling that cryptocurrency will "fly to the moon", and sometimes feeling it "is dead". This can be observed through transaction fees. These fees tend to peak at price tops (sometimes diverging), and return to a standstill at price bottoms.

In the past six weeks where market pullbacks have been predominant, insufficient demand and network pressure may help reverse ETH and related altcoins' situation faster than many people expect.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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