These two metrics could change the course of cryptocurrencies

Ethereum The average gas price in , fell to just under 3 gwei on Saturday, a level not seen since 2020. This development is a valuable sign that Ethereum Layer-2 networks can help alleviate the cost of sending processes.

Activity on the Ethereum network is gradually decreasing

Just a year ago the average gas price was around 15 to 20 gwei; This was a significant increase compared to its value on Saturday. According to the Dune Analytics audit panel, the highest gas prices of 2024 occurred in March; The highest one-day average gas price was on March 5 with 83 gwei.

However, after the Dencun upgrade went live on Ethereum on March 13, reducing the cost of sending processes on Ethereum Layer-2 networks, the average price of gas has steadily pulled down.

According to The Block’s information, this low gas price caused Ethereum’s burn rate to drop to its lowest level in 12 months. According to Ultrasound.money, Ethereum is currently slightly inflationary with a low burn rate, with the seven-day average supply increase at 0.56 percent per year.

Bitcoin miners’ income is in decline

With the latest halving, miners’ revenue measure in terahashes per second (TH/s) has reached record lows in the last two months. A possible reason for the low profitability outside of the halving could be the small number of new wallets entering the Bitcoin ecosystem; The seven-day average of new Bitcoin wallets is currently at its lowest level since 2018, six years ago.

However, crypto mining companies such as CleanSpark are still performing adequately and CleanSpark has so far Bitcoin It performs better than its price. According to The Block, Bitfarms and Core Scientific have also outperformed Bitcoin’s price since the beginning of the year, but smaller mining firms have remained in trouble.

Former US President Donald Trump,He met with representatives from the Bitcoin crypto mining industry in the USA and stated that he would support the miners if he wins the Presidential elections in November.