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Low Transaction Fees Promote Ethereum’s Gradual Rebound
© Reuters Low Transaction Fees Promote Ethereum’s Gradual Rebound
- Low fees and ease of utility are behind the continued gradual recovery of Ethereum.
- ETH’s price recovery coincides with dropping average transaction fees.
- Lower fees on Ethereum might attract more DApps to the platform and create demand for ETH.
Data from Santiment suggest that a recovery is on the way for Ethereum, albeit a gradual one. According to a post on Twitter, the all-time high (ATH) of $4,858 may be a far-off target, but fundamental factors are pointing in the right direction for the flagship altcoin.
ETH achieved an ATH of $4,858 on November 10, 2021. It dropped from this level partly due to the consequences of bloated fees. At the time, average transaction fees on the blockchain were over $60. As a result, several projects left Ethereum for other competing blockchains.
Santiment’s report shows that there has been a significant crash in Ethereum’s transaction fees. From above $60 in 2021, it has fallen to below $2 as of the time of the report. It forms the basis for predicting an imminent recovery for the largest DApps development platform.
The post Low Transaction Fees Promote Ethereum’s Gradual Rebound appeared first on Coin Edition.
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