Ethereum (ETH) showed its resurgence on Sunday after a sharp decline following the underperforming performance of Bitcoin (BTC) in recent times.
ETH once traded at an all -time high (ATH), $ 2,641 on April 22 before slipping to a low of $ 2,132 the next day.
Now, as of writing Ethereum hit a value of $ 2,440, up over 9% in 24 hours and up over 47% in April.
It seems that this positive movement is driven by gas prices in the Ethereum network that have already returned to normal levels. The standard for gas prices is between 45 to 50 gwei.
Based on records, previously the average gas price recorded a value of $ 37, the highest since February 2021. However, the latest metrics show the lowest price at $ 10.22 per transaction.
Ethhub co -founder Anthony Sassano revealed the reduction in gas prices may be due to these four factors:
Block size increased by 20%
The crypto market is declining
Application of second-layer solutions
Implementation of Flashbots - Flashbots are organizations that create tools to reduce and enhance Miner Extractable Value (MEV) defenses
According to investor Spencer Noon, Flashbots has the potential to be the backbone of the new ETH cost market.
