While the weakness in Bitcoin and altcoins continues, investors expect the rise to start as soon as possible.
At this point, the good news came from Santiment. Transaction fees on the Ethereum network have fallen to their lowest level in six months.
Pointing out that the transaction fee on the ETH network dropped to only $ 1.12 per transaction, Santiment said that this was the lowest average transaction fee in a day since October 18.
Stating that this situation may signal an upcoming altcoin rally, Santiment said that this decrease in transaction fees is an indicator of extreme apathy on the network.
Santiment, who thinks that lack of interest in the network may have an adverse effect on prices, stated that the altcoin rally may begin at a time that investors least expect.
“The transaction cost on the Ethereum network fell to just $1.12 per transaction. This was the lowest average cost in a day since October 18.
Investors historically move between emotional cycles where they feel cryptocurrencies are going to 'Go to the Moon' or 'Die', and they can predict this through transaction fees.
These fees will tend to peak (and sometimes diverge) around price peaks. When transaction fees reach bottom prices, it is thought that prices have also reached bottom levels.
“With markets mostly pulling back over the last 6 weeks, a lack of demand and lower transaction fees on the network could help ETH and associated altcoins rally sooner than many expect.”
*This is not investment advice.
