Package deal, as they say. Onchain data has indicated that the daily Bitcoin transaction rate has fallen to its lowest in 2 years. The transactions per day have plummeted to levels not seen since October 2018.
Furthermore, transaction fees on the Bitcoin network have also dropped 93% after touching a humongous high of $62 per transaction in April 2021.
All this, as crypto interest has winded down from the mountain peak during the winter.
While BTC prices have dropped to lower bound ranges after touching an all-time high north of over $64,000 per coin, they seem to have led to a dive bombing of the number of daily transactions, too. If anything, daily Bitcoin transactions have been on the down since the first week of 2021.
Latest data on this matter indicates a high of over 387,000 transactions on January 6, which dropped down to around 249,000 confirmed transactions on the Bitcoin network on June 3.
Put in other terms, this means that from the first week of January up until now, daily transactions have slipped by more than 35%.
Speaking historically, the highest rate of the Bitcoin network has only tapped 478,000 confirmed transactions during the bull run of 2018. For comparison, Bitcoin Cash broke the over 2 million transactions per day during the first week of September that same year.
As for transaction fee, the average BTC transaction fee hit a high of $62.79 per transaction on the balmy morning of April 12, 2021. The same chart now shows that fees are down to $4.38 per transaction today.
What contributed to both these declines, you wonder?
A look over at Google Trends for the search query “bitcoin” touched an all-time high in May with the worldwide search trend scoring a 100 in May. It has dipped to 52 on June 5, meaning dwindling interest in the world’s most popular cryptocurrency has contributed to the daily transaction levels dropping.
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