The cost of conducting a transaction on the Ethereum network has significantly decreased to just $2.07, a notable drop from the $15.21 observed on March 4, when demand was high.
This reduction in trading fees reflects the cyclical nature of market sentiment in the crypto space, which is often characterized by phases of excitement and pessimism, which are reflected in fluctuations in trading fees. Trading fees typically peak near the top of the price and return to lower levels at the bottom of the market.
💸 #EthereumThe transaction cost on the network was just $2.07, a significant difference from the network cost of $15.21 on March 4, when demand was disproportionately high. Historically, the market has been dominated by the sentiment that cryptocurrencies are heading for the moon and the sentiment that cryptocurrencies are heading for the moon… pic.twitter.com/OKjhmHnYQE
— Santiment (@santimentfeed) April 18, 2024
Data from Token Terminal reveals that the Ethereum blockchain generated $369.08 million in profits in the first quarter of 2024 through transaction fees paid in ETH for interacting with applications on the network. became.
This demonstrates the substantial economic activity and utility of the Ethereum ecosystem despite fluctuations in transaction costs.
🚨 Breaking news: Ethereum blockchain generated $369.08 million in profit in Q1 2024.
Wait, what?!
How can you like *Blockchain* @Ethereum Will it be profitable?
Let's take a step-by-step look at Ethereum's business model.
1. Fees. Every user on the Ethereum blockchain pays transaction fees with his ETH… pic.twitter.com/gHAoNbRf48
— Token Terminal (@tokenterminal) April 18, 2024
Ethereum price rises due to increase in whales
In the past 24 hours, Ethereum price has increased by 3.5%, indicating positive momentum in the market.
Quickly reacting to geopolitical news, Whale invested 9,516,000 USDT to purchase 3,253 ETH at an average price of approximately $2,925, strategically timing the purchase near the bottom of the local price. took advantage of the attack on Iran.
This whale acted quickly on the next news. #IsraelAttack #Iran Spent 9.516 million earlier today $USDT buy 3,253 $ETH Approximately $2,925 near the local bottom price.
Currently, Whale has earned $625,000 (+6.57%) in unrealized gains.
Stay informed about the current social and political situation. pic.twitter.com/yOpU335yIY
— Spotonchain (@spotonchain) April 19, 2024
As a result of this timely investment, Whale now enjoys an unrealized gain of $625,000, representing a 6.57% increase in value. This shows the potential for smart investors to take advantage of market events and fluctuations to generate profitable profits in the crypto space.
Overall, the decline in Ethereum transaction costs, coupled with the network's profitability and positive price momentum, reflects a dynamic and resilient ecosystem that continues to attract investor interest and participation.
Disclosure: This is not trading or investment advice. Always do your research before purchasing any cryptocurrency or investing in any service.
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