Altcoins
Low 6-Month Ethereum Fees Suggest Altseason Is Incoming – Santiment – TradingView News
Gas fees on the Ethereum network plunged to a six-month low even as the price of Ether rose slightly over the weekend, which analysts at the crypto analytics platform said Santiment, could signal an upcoming altcoin rally.
On April 27, the average fee for an Ethereum translation fell to $1.12, according to an April 28 X article from Santiment.
“Traders historically move between sentimental cycles of feeling like crypto is going ‘to the moon’ or feeling like ‘it’s dead,’ which can be observed through transaction fees,” Santiment wrote.Cointelegraph
Santiment explained that fees tend to peak around local market highs and fall toward “resting state” lows around market lows.
Gas fees on Ethereum hit an eight-month high in February, amid a tidal wave of interest in an experimental token standard called ERC-404.
The analytics platform suggested that low gas fees could indicate a future increase in Ethereum network activity and herald the start of an altcoin rally.
“While markets have mostly pulled back over the past 6 weeks, the lack of demand and strain on the network could help ETH and related altcoins recover sooner than expected.”
This comes like the price of Ether 
On April 27, tokens native to the Ethereum layer 2 networks Optimism, Arbitrum, and Polygon accounted for three of the five best-performing assets in the top 50 cryptocurrencies by market cap, gaining 11.7%, 3.5%, and 2.0%, respectively. 8%. 
Meanwhile, declining activity on the network saw the circulating supply of Ethereum reach its highest level last month.
Over the past 30 days, 74,458 new ETH were issued while only 57,516 were burned, resulting in a net increase in supply of 16,979 new Ether (ETH), according to Ultrasound data. money.
This contrasts sharply with the previous five months, which were marked by constant deflation. Despite the recent rise in ETH inflation, more than 437,000 ETH have been burned since the network’s move to a proof-of-stake consensus mechanism, dubbed the merge, which took place on September 15, 2022.