The weekly total of $34.8 million spent on Ethereum fees is the lowest it’s been in two months.
This trend, as reported by IntoTheBlock, is indicative of upcoming price volatility.
As Ethereum’s volatility drops low, the on-chain analytics business IntoTheBlock claims a huge decrease in ETH fees. IntoTheBlock reported this week that Ethereum transaction costs have been reduced by a substantial 21.2%.
The weekly total of $34.8 million spent on Ethereum fees is the lowest it’s been in two months. There has been a period of low volatility that corresponds with this reduction.
Ethereum’s volatility, a measure of its price fluctuations over time, is at record lows. As ETH grows in popularity, the asset’s volatility tends to diminish, as reported by IntoTheBlock. Nevertheless, the present levels seem unexpected.
Massive Rally Expected
Low volatility periods often last little more than a month, although volatility may increase sharply in either direction. This trend, as reported by IntoTheBlock, is indicative of upcoming price volatility. Ethereum’s price, the second biggest cryptocurrency, has been relatively stable over the last 24 hours. As of this writing, ETH is down 0.13 percent in the previous 24 hours, currently trading at $1,846.
Visa, a payments solution provider, has introduced a pilot program on the Ethereum blockchain that accepts Visa credit and debit cards for payment of gas fees.
The project’s overarching goal is to make using dapps created on the Ethereum blockchain easier for the general public. The business claims that this experiment will pave the way for digital transactions to become more easily accessible and user-friendly in the future.
The payment giant used a number of cutting-edge technologies, such as paymaster smart contract agreement, account abstraction, and the ERC-4337 standard, to make this test possible.