The average daily transactions on the Bitcoin network have fallen to the levels of 2018, when the cryptocurrency was in the midst of a bear market after the December 2017 peak of $ 20,000.
Since that time, Bitcoin’s daily transaction averages have not fallen below 200,000 transactions. However, in recent months has occurred up to 5 times , as shown by data from BTC.com.
One of those occasions was in the middle of April. But this behavior of the network has been accentuated in the last three weeks. The date coincides with recent studies from firms such as Glassnode, which suggest an increase in investors’ long-term holdings of bitcoin (BTC) , while those who are selling their BTC are investors with recent purchases.
During this year, the range of daily transactions has remained between 230,000 and 360,000. However, in January there was a peak over 400,000 transactions in one day. And since mid-May it has not reached 300,000 again.
The lowest amount of accumulated transactions in the Bitcoin network seems to coincide with a moment peace of mind on the market. After turbulent weeks, both the price of bitcoin and the activity on the network have tended to remain somewhat stable .
Low activity on the Bitcoin network is usually associate with saving behavior. Particularly, if it is contrasted with the sending of bitcoins to exchanges, where the holders of the cryptocurrency enter the world of trading and speculation with the price of cryptocurrencies.
Bitcoin Mempool Stays Uncongested
The decrease in activity, added to the most recent adjustments in the difficulty of mining, has generated a relief in the network, after a strong congestion in recent months. The mempool.space chart for the last three months reflects a clear drop in the average fees for processing Bitcoin transactions .
Since the beginning of this month of June, the mempool (or the queue of transactions awaiting confirmation) has been emptied, as reported by CriptoNoticias. This situation coincides with the drop in average transactions, in addition to a difficulty adjustment that corresponds to the drop in the accumulated processing power of miners on the network.
