The Ethereum network experienced its most affordable day in more than half a year, which may indicate that altcoins may rise “earlier than many may anticipate.”
Even though the price of Ether ETH has dropped, gas prices on the Ethereum network have reached a six-month low. $ 3,172 tickers downmarginally increased over the weekend, which experts at the cryptocurrency analytics site Santiment believe may be a harbinger of an impending altcoin rally. According to an April 28 X post from Santiment, the average cost for an Ethereum translation dropped as low as $1.12 on April 27.
According to Santiment, fees often reach their highest point during local market peaks and return to their “resting state” lows during market troughs. In February of this year, there was a surge in interest in the experimental token standard known as ERC-404, which contributed to an eight-month high for gas fees on Ethereum.
The analytics platform speculated that the cheap gas fees would portend an increase in Ethereum network activity in the future and the start of an altcoin boom.
According to data, the price of ether has marginally increased over the past week, rising 4.3%. Three of the top five best-performing assets in the top 50 cryptocurrencies by market cap on April 27 were Ethereum layer-2 networks Polygon, OP, and Arbitrum (ARB), which saw gains of 2.8%, 3.5%, and 11.7%, respectively.
As a result of the network’s decreased activity, Ethereum’s circulating supply has increased to its highest level in the past month. According to data from ultrasound.money, within the past 30 days, 74,458 new ETH have been issued and only 57,516 have been burned, meaning that there has been a net increase in the supply of 16,979 new ETH.
