CDS Crypto News New Altseason: Ether Gas Fees Decline May Signal a New Rally
Crypto News

New Altseason: Ether Gas Fees Decline May Signal a New Rally

It looks like the new altseason could start very soon.

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New Altseason: Ether Gas Fees Decline May Signal a New Rally

Crypto News – Even if the price of Ether slightly increased over the weekend, gas fees on the Ethereum network have dropped to a six-month low. This could be a hint of an impending altcoin rally, according to analysts at the cryptocurrency analytics platform Santiment.

New Altseason: Ether Gas Fees Decline May Signal a New 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.

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,

Santiment

A future increase in Ethereum network activity and the start of an altcoin rally could be signaled by the low gas fees, according to the analytics platform.

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.

Santiment

Increase in the Amount of Ethereum in Circulation

The amount of Ethereum in circulation has increased to its highest level in the past month due to the network’s decreased activity. According to data from ultrasound.money, in the last 30 days, 74,474 new ETH were issued and a mere 57,067 were burned, meaning that there was a net gain in the supply of 17,407 new ETH.

The last five months have seen a consistent deflation, so this is a sharp contrast. More than 437,000 ETH have been burned since the network’s September 15, 2022, migration to a proof-of-stake consensus process known as the Merge, notwithstanding the current spike in ETH inflation.

New Altseason: Ether Gas Fees Decline May Signal a New Rally
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lectertodd

Lectertodd is 25 years old. She graduated from Çankaya University, Department of Psychology, in 2021. She actively works as a writer, translator, and editor for various websites. Moreover, she loves reading, researching, and learning new things.

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