Ethereum network fees are on the rise: A signal for an altcoin bull!
Ethereum transaction fees have increased as the altcoin market has begun to recover.
Despite this statistic, which also increased the amount of ETH burned, the number of active addresses on the network has fallen to its lowest level since the beginning of the year. At the beginning of September, the average transaction fee on the network had fallen below $1 for the first time since July 2020. The fact that $ETH has been losing value against $BTC for a long time and the lack of spot ETFs has naturally affected network activity. However, recent statistics show that the needle has turned in the opposite direction.
The seven-day moving average transaction fee on Ethereum has started to increase. According to data from The Block, its last value in September 2021 was $3.52, more than three times its value of $0.85 on September 1. The recovery in transaction fees has also increased Ethereum's burn rate.
Uniswap led the list of smart contracts that consumed the most gas on the network in the last 30 days, while its V2 variant was also on the list. Telegram-based crypto and NFT bots Maestro and Banana Gun were also on the list. Ether transfers and transactions involving stablecoins Tether (USDT) and Circleâs USD Coin were also on the list.
Despite the increase in transaction fees and burns, the seven-day moving average of active accounts on the network fell 11 percent from its value at the beginning of the month, the lowest level since the beginning of the year. Increased network activity, an upward trend in the ETH/BTC chart, and net inflows in spot ETFs will strengthen the signals for altcoin bulls.
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