Ethereum and Altcoins Primed for Rallies, as per Santiment
Ethereum and altcoins linked to the primary smart contract platform could be gearing up for significant rallies, suggests Santiment, a crypto analytics firm.
Ethereum Transaction Fees Hit a Bottom
- Santiment is closely monitoring Ethereumโs average transaction fee, hitting its lowest level since October 18th, 2023.
- The dwindling gas fee indicates that Ethereum might be establishing a local bottom.
โEthereumโs average fee level has dropped to just $1.12 per network transaction, marking the lowest average cost since October 18th.
Traders move through cycles of confidence, oscillating between belief in cryptocurrencyโs rise and its demise, as reflected in transaction fees. These fees typically peak around price highs and stabilize during price lows.
With markets retracing in recent weeks, the reduced demand and network pressure could prompt a quicker recovery for ETH and associated altcoins.
Current Status of Ethereum and Altcoins
- Ethereum is currently priced at $3,218, up by over 13% from its April low of $2,832.
- Several altcoins within the Ethereum ecosystem are displaying signs of strength, according to Santiment.
โLiquid staking assets have seen a positive trend this weekend. Among the primary assets in this segment, market caps have collectively risen by +5.0% despite volatile market conditions: LDO (+5.2%) and RETH (+5.9%) are leading the pack.โ
As of now, Lido DAO (LDO) is trading at $2.15, while Rocket Pool ETH (RETH) is valued at $3,547.
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The article โEthereum and Altcoins Associated With ETH May Witness Rallies Sooner Than Expected, According to Santimentโ was originally published on The Daily Hodl.
Hot Take: Are Ethereum and Altcoins Ready to Surge?
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