Despite Increasing Transactions in Bitcoin, Active Users are Decreasing!

  • Growth in the number of transactions on the Bitcoin network continues.
  • According to data, the daily transaction volume on the network reached a record level on May 12th.

Growth in the number of transactions on the Bitcoin (BTC) network continues, but there seems to be a decline in active users.

Growth Continues in Bitcoin, But Activity is Decreasing!

Bitcoin (BTC) (36)

According to data tracking the 7-day moving average, despite the ongoing growth in the number of transactions on the Bitcoin network, the number of active addresses sending or receiving funds has fallen to its lowest level since July 2021.

This indicates that although each person using the network is making more transactions on average, fewer people are active on the network. Costs increase when more people use the network.

Data research analyst Rebecca Stevens said, “High fees are making people hesitant to transact,” and added that the hype around Ordinals and BRC-20 tokens has led to new ways for people to mint Ethereum-style fungible and non-fungible tokens. The Bitcoin network has caused an increase in overall activity and fees on the network in recent weeks.

Daily Transaction Volume on the Network Reached a Record High

According to data, the daily transaction volume on the network reached a record level on May 12th, just a few days after the total market value of new tokens created with the Ordinals protocol exceeded $900 million.

Stevens said, “I can see a world where the success of Ordinals and BRC-20 tokens drives away the haters,” and added that some users see these ideas as blockchain bloat. “Also, most of the people advocating for these innovations are likely Bitcoin OGs who are rich enough in Bitcoin to keep the excitement around Ordinals and BRC-20 going.”

According to data, the average transaction fee on the platform rose from around $2.50 12 months ago to $16.08 on May 11th.

Bitcoin price is currently trading at $27,013. Despite experiencing a rise on Monday, the Bitcoin price could not hold onto higher levels today and fell to $27,000.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.
spot_imgspot_imgspot_imgspot_img

Latest News

Ethereum Futures Hit Record Highs: Sign of a Bullish Rally or Bearish Sentiment Ahead?

Ethereum futures' record-setting open interest stirs the market, presenting a complex scenario intertwined with regulatory prospects, institutional interest, and derivative indicators, as ETH eyes the $3,800 threshold.

Bitcoin Eyes $180K Peak: ETFs, Halving, and Easing Policies to Fuel Surge

As Bitcoin recaptures the $70,000 mark, experts forecast a bullish journey towards $180K, influenced by ETF introductions, the upcoming halving event, and improved financial conditions.

Tokenized US Treasurys Exceed $1 Billion on Blockchain Networks

In a convergence of traditional finance and blockchain, tokenized US Treasurys have soared past $1 billion, driven by institutional adoption and a high-interest rate environment.

Bitcoin Bulls Charge Ahead: BTC Price Targets $72K Amid Whale Movements!

As Bitcoin (BTC) recovers from a brief dip, the cryptocurrency's journey towards $72,000 highlights a bullish stance fueled by whale transactions and ongoing legal narratives.

Dogecoin Overshadows Bitcoin and Ethereum’s Market Standstill!

Amidst a period of relative stability for Bitcoin and Ethereum, Dogecoin and other smaller cryptocurrencies are capturing the market's attention with significant gains, hinting at a changing landscape in the crypto community.
spot_imgspot_imgspot_imgspot_img

PRO Analysis

Bitcoin BTC Surges Past $70k, Could Further Rally to $75K

Stay ahead of the crypto market curve with this in-depth analysis of Bitcoin's price action, potential drivers, and what to expect next.

Bitcoin BTC’s Path to $70k: Can BTC Overcome the $66.7k Resistance?

Exploring Bitcoin's potential resurgence to $70k, this analysis scrutinizes the pivotal $66.7k resistance level, subsequent targets, and the significance of liquidation levels for investors.

Will WLD Coin Surge to $12? An In-Depth Analysis of WLD’s Potential!

This analysis delves into WLD Coin's current market behavior, highlighting the technical formations that suggest a potential rise to $12, while advising caution at key support levels.

NEO Coin Targets Ambitious Growth: Aiming for $25 in the Long-Term Analysis

This article delves into NEO Coin's long-term prospects, spotlighting the technical analysis and potential price targets that make it a cryptocurrency to watch.

Litecoin Eyes $140 Surge: Is Now the Time for Long-Term Investment?

This article explores Litecoin's potential ascent to $140, highlighting recent developments and technical analysis that bolster its investment appeal.
Gideon Wolf
Gideon Wolfhttps://en.coinotag.com/
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.
spot_imgspot_imgspot_imgspot_img

Ethereum Futures Hit Record Highs: Sign of a Bullish Rally or Bearish Sentiment Ahead?

Ethereum futures' record-setting open interest stirs the market, presenting a complex scenario intertwined with regulatory prospects, institutional interest, and derivative indicators, as ETH eyes the $3,800 threshold.

Bitcoin Eyes $180K Peak: ETFs, Halving, and Easing Policies to Fuel Surge

As Bitcoin recaptures the $70,000 mark, experts forecast a bullish journey towards $180K, influenced by ETF introductions, the upcoming halving event, and improved financial conditions.

Tokenized US Treasurys Exceed $1 Billion on Blockchain Networks

In a convergence of traditional finance and blockchain, tokenized US Treasurys have soared past $1 billion, driven by institutional adoption and a high-interest rate environment.