Ethereum emerges as the best performing digital asset of the week, rallying over 6%.
Notably, blockchain analytics firm Santiment reported that the price surge coincided with a significant drop in transaction fees to a six-month low.
Ethereum’s average transaction fee is around $1.12, marking the lowest daily average cost since Oct.18, 2023.
The launch of the Dencun upgrade and the lull in the broader cryptocurrency market have led to less on-chain activity, pushing Ethereum’s gas fees lower.
The decline comes after gas fees had peaked at $15.21 in May, during which Ethereum experienced strong price performance and increased demand.
However, Santiment anticipates that the current gas prices could prove attractive to traders, shaking the market out of its current lull. This development may contribute to another leg up for Ethereum and altcoins.
