Bargain Ethereum Fees Hint at Looming Alt Season!

Santiment suggests that Ethereum's low fees could signal the start of an altcoin rally.

Author

Danielle du Toit
April 29, 2024

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Here's what we've got for you today:

  • 6-Month Low Ethereum Fees Suggest Alt Season is Inbound - Santiment

  • Republic First Bank Closure the Best Possible Narrative for Crypto?

  • XRP Dips 18%+ in a Month Amidst Crucial Legal Developments: Report

  • Lone Bitcoin Miner Strikes Gold with Rare Solo Block Win

Gas fees on the Ethereum network have dropped to their lowest in six months.

  • On Apr. 27, Ethereum transaction fees dropped to $1.12, according to Santiment.

  • Santiment explained that transaction fees tend to peak during market highs and return to lower levels during market bottoms.

  • Ethereum's gas fees hit an eight-month high in February during increased interest in the ERC-404 token standard. Now, santiment suggests that the current low gas fees could signal a potential increase in Ethereum network activity and the start of an altcoin rally.

The United States has seen its first banking failure of 2024 with the closure of Philadelphia-based Republic First Bank.

  • On Apr. 26, the Pennsylvania Department of Banking and Securities took control of the bank, with the FDIC appointed as its receiver.

  • The U.S. banking sector went through a tough time in 2023, witnessing the failure of five banks, including some well known institutions like Signature Bank and Silicon Valley Bank.

  • These banking difficulties have sparked many discussions about the stability of financial institutions and the possible role of cryptocurrencies as alternative financial tools.

The price of XRP dropped by more than 18% in just a month as the SEC and Ripple continue to battle it out in the court room

  • Back in 2020, the SEC charged Ripple and its executives, Brad Garlinghouse and Christian Larsen, with conducting an unregistered digital asset securities offering that raised over $1.3 billion.

  • Now, Ripple has filed a Motion to Strike against new expert materials submitted by the SEC in support of its opening brief.

  • XRP advocate James K. Filan revealed this legal move requesting the court to dismiss the SEC’s new submissions in an Apr. 23 X post.

A lone Bitcoin miner has recently managed to solo mine a block, securing a 3.125 Bitcoin (BTC) reward.

  • Solo mining a Bitcoin block is extremely rare. Only 282 out of over 841,300 blocks have been solved individually since the inception of Bitcoin.

  • This recent solo mining achievement happened soon after the Bitcoin halving event on Apr. 20 at block 840,000, which halved the block reward from 6.25 BTC to 3.125 BTC.

  • The miner who solved the block had a hash rate of about 120 peta hashes (PH), equivalent to 0.12 exa hashes (EH), at the time of the accomplishment.

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