Connect with us

Altcoins

Ethereum Gas Fees Hit Six-Month Low, Pointing to Potential Altcoin Rise: Santiment

TokenTalk Staff

Published

on

Ethereum Gas Fees Hit Six-Month Low

Last updated: April 29, 2024 at 2:40 a.m. EDT | 2 minutes of reading

Ethereum gas fees hit six-month low

Gas fees on the Ethereum network saw a significant decline to their lowest levels in six months, although the price of Ether saw a slight rebound over the weekend.

Analysts at crypto analytics platform Santiment suggest that this drop in gas fees could be a signal of an upcoming altcoin rally.

According to Post by Santiment on Xthe average fee for an Ethereum transaction fell to $1.12.

The platform explained that transaction fees often follow cycles of investor sentiment, oscillating between extreme optimism and extreme pessimism.

Gas fees drop during market troughs

Gas costs tend to peak during market highs and then decline to lower levels during market lows.

Earlier this year, gas fees on Ethereum hit an eight-month high in February due to renewed interest in the experimental ERC-404 token standard.

However, the current low gas fees could indicate a potential increase in activity on the Ethereum network, potentially leading to an altcoin rally.

Santiment suggests that the recent market retracement, coupled with reduced demand and pressure on the network, could lead to a faster than expected recovery for Ethereum and related altcoins.

Data from CoinGecko shows that Ether saw a 4.3% gain over the past week, supporting the idea of ​​an uptick in its price.

Additionally, on April 27, three layer 2 Ethereum networks – Optimism (OP), Arbitrum (ARB), and Polygon – were among the top five performing assets among the top 50 cryptocurrencies by market cap, with gains of 11 .7%. 3.5% and 2.8% respectively.

However, the reduction in network activity has led to an increase in the supply of Ethereum in circulation.

Over the past month, 74,458 new ETH were issued, while only 57,516 were burned, resulting in a net supply increase of 16,979 ETH, as reported by ultrason.money data.

This contrasts with the previous five months, which saw constant deflation. It is worth noting that since Ethereum transitioned to a proof-of-stake consensus mechanism, known as “The Merge,” on September 15, 2022, over 437,000 ETH has been burned.

Ethereum records $365 million in Q1 revenue

The Ethereum network reported strong revenue of $365 million in the first quarter of 2024, an impressive year-over-year revenue growth of 155%.

As noted, Ethereum’s Q1 revenue represents a staggering 200% increase from the $123 million profit recorded in Q4 2023.

One of the main factors contributing to this substantial growth was the rise in decentralized finance (DeFi) activity during the quarter, leading to increased participation in the network.

Ethereum’s fee revenue, generated by user transactions, reached a notable milestone of $1.17 billion in the first quarter, a remarkable 155% increase over the same period in 2023 and an increase of 80% compared to the previous quarter.

Amplified network activity, fueled by the rise of DeFi applications, has propelled Ethereum’s average daily transactions in 2024 to surpass last year’s figures.

The current average of 1.15 million daily transactions is very close to the peak levels seen during Ethereum’s memorable 2021 run.



Fuente

We are the editorial team of TokenTalk, where seriousness meets clarity in cryptocurrency analysis. With a robust team of finance and blockchain technology experts, we are dedicated to meticulously exploring complex crypto markets with detailed assessments and an unbiased approach. Our mission is to democratize access to knowledge of emerging financial technologies, ensuring they are understandable and accessible to all. In every article on TokenTalk, we strive to provide content that not only educates, but also empowers our readers, facilitating their integration into the financial digital age.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Información básica sobre protección de datos Ver más

  • Responsable: Miguel Mamador.
  • Finalidad:  Moderar los comentarios.
  • Legitimación:  Por consentimiento del interesado.
  • Destinatarios y encargados de tratamiento:  No se ceden o comunican datos a terceros para prestar este servicio. El Titular ha contratado los servicios de alojamiento web a Banahosting que actúa como encargado de tratamiento.
  • Derechos: Acceder, rectificar y suprimir los datos.
  • Información Adicional: Puede consultar la información detallada en la Política de Privacidad.

Altcoins

Here’s When Altcoin Market Cap Will Reach New All-Time Highs, According to Trader Jason Pizzino

TokenTalk Staff

Published

on

Here's When Altcoin Market Cap Will Reach New All-Time Highs, According to Trader Jason Pizzino

A widely followed analyst reveals a possible timeline for altcoin markets to record new all-time highs.

In a new strategy session, trader Jason Pizzino tells his 329,000 YouTube subscribers that he’s taking a close look at the TOTAL3 chart, which tracks the market capitalization of all crypto assets excluding Bitcoin (BTC), Ethereum (ETH) and stablecoins.

According to Pizzino, TOTAL3 experienced a 26-month accumulation period during the last cycle, spanning from late 2018 to early 2021, before launching a parabolic surge.

Pizzino says TOTAL3 could reflect the same pattern in this cycle and could be a few months away from triggering a strong bullish surge.

“That would take us around February, so the first quarter [of 2025]. As you look at the fourth quarter of 2024 – the first quarter of 2025, I think that probably had a pretty good move to a new high price…

All this fear of a market decline would be forgotten in the fourth quarter. I’m going to put myself in danger here. »

Source: Jason Pizzino/YouTube

Looking at the trader’s chart, he seems to predict that the total altcoin market cap will fall to the 50% Fibonacci level, at around $400 billion, before sparking a recovery and hitting a new all-time high at -above $1 trillion by early next year.

At the time of writing, TOTAL3 is hovering at $597 billion.

Don’t miss anything – Subscribe to receive email alerts directly to your inbox

Check Price Action

follow us on X, Facebook And Telegram

Surf The Hodl Daily Blend

& nbsp

Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should conduct due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any losses you may incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Image generated: DALLE3



Fuente

Continue Reading

Altcoins

Altcoin exodus cuts crypto market cap by 3.2%, Bitcoin falls to $64,000

TokenTalk Staff

Published

on

Altcoin exodus cuts crypto market cap by 3.2%, Bitcoin falls to $64,000

Kitco NEWS has a diverse team of journalists who cover the economy, stock markets, commodities, cryptocurrencies, mining and metals accurately and objectively. Our goal is to help people make informed market decisions through in-depth reports, daily market summaries, interviews with leading industry figures, comprehensive (often exclusive) coverage of important industry events and analyzes of developments affecting the market.

Fuente

Continue Reading

Altcoins

Trader Who Called 2022 Crypto Crash Bullish on Solana (SOL) and GPU-Focused Altcoin

TokenTalk Staff

Published

on

Trader Who Called 2022 Crypto Crash Bullish on Solana (SOL) and GPU-Focused Altcoin

An Analyst Who Accurately Called the 2022 Crypto Collapse Becomes Bullish on Solana (GROUND) and rendering (RNDR).

Analyst pseudonym Capo tell its 90,280 Telegram subscribers than Ethereum (ETH)-rival Solana and RNDR, the graphics processing unit (GPU) rendering blockchain, are likely in an uptrend.

“Added more to the long SOL and RNDR.”

Solana is trading at $133 at the time of writing, down almost 7% in the last 24 hours. Meanwhile, RNDR is trading at $7.17 at the time of writing, down 10% in the last 24 hours.

The analyst also monitors the OTHERS three-day chart, which tracks the total crypto market capitalization excluding the 10 largest digital assets and stablecoins, for signs of a rebound.

“Altcoins: the green zone is support but we should see a rebound soon. If green holds, then we should expect movement towards the red zones (T1 and T2). If green doesn’t hold, then blue. Judging by sentiment and indicators, I think the bullish scenario is more likely.

Source: Capo/Telegram

OTHERS is valued at $219.25 billion at the time of writing, down more than 7% in the last 24 hours.

Then the trader says that ETH against Bitcoin (BTC) could be preparing for an escape.

“ETH/BTC: This looks bullish.”

Source: Capo/Telegram

Looking at his chart, the analyst suggests that ETH/BTC could soon reach 0.065 BTC ($4,196). ETH/BTC is trading at 0.0532 BTC ($3,442) at the time of writing, up slightly over the past 24 hours.

Finally, the analyst claims that the bottom could be reached for the crypto market and predicts that a breakout is coming.

“The market has reached its lowest level again. BTC is holding above $65,000, but alts are suffering much more. It’s like that. Overall, it looks like local background training. Too negative sentiment and financing, filled offers and everything is very oversold. I still expect a strong rebound.

Bitcoin is trading at $64,661 at the time of writing, down 2.5% in the last 24 hours.

Don’t miss anything – Subscribe to receive email alerts directly to your inbox

Check Price Action

follow us on X, Facebook And Telegram

Surf The Hodl Daily Blend

& nbsp

Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should conduct due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any losses you may incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Image generated: DALLE3



Fuente

Continue Reading

Altcoins

https://news.google.com/./articles/CBMiSmh0dHBzOi8vY3J5cHRvc2xhdGUuY29tL2FsdGNvaW4tc2VsbG9mZi13aXBlcy1vdXQtNC05LWJpbGxpb24taW4tZGVmaS10dmwv0gEA?hl=en-US&gl=US&ceid =US%3Aen

TokenTalk Staff

Published

on

Altcoin selloff wipes out $4.9 billion in DeFi TVL

https://news.google.com/./articles/CBMiSmh0dHBzOi8vY3J5cHRvc2xhdGUuY29tL2FsdGNvaW4tc2VsbG9mZi13aXBlcy1vdXQtNC05LWJpbGxpb24taW4tZGVmaS10dmwv0gEA?hl=en-US&gl=US&ceid =US%3Aen

Fuente

Continue Reading

Trending

Copyright © 2024 TOKENTALK.TOP. All rights reserved. This website provides educational content and highlights that investing involves risks. It is essential to conduct thorough research before investing and to be prepared to assume potential losses. Be sure to fully understand the risks involved before making investment decisions. Important: We do not provide financial or investment advice. All content is presented for educational purposes only.