The fact that the average transaction fee on the Ethereum network fell to $ 1.19 on Saturday and this level was the lowest in the last 6 months was interpreted by Santiment as the possibility of the beginning of an altcoin rally.
“Lack of demand and tension can create adverse movements”
The following expressions were used in the comment shared from the X account of Santiment company, which tracks the figures on social networks along with on-chain data:
“Investors generally act with their emotions between cycles. While some say ‘Crypto will fly’, others comment ‘Crypto is dead’. We can actually interpret such sentiments in terms of transaction fees. Markets have been pulling back in the last 6 weeks. “The lack of demand and the tension seen may lead to the return of Ether and push the expected rally in altcoins to an earlier period.”
As you may remember, in February, during the ERC-404 craze on the Ethereum network, the average transaction fee price rose to $60. That level was also the highest in the last 8 months of the period.
As it is known, TOTAL 3, one of the charts most followed by altcoin investors, had lost more than 20% of its value in the last month with the decline in cryptocurrencies. The index experienced a retreat from the level of 760 billion dollars it reached in March to the current level of 630 billion dollars.
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Source: https://uzmancoin.com/ethereum-altcoin-ralli-santiment-kripto/
