The number of daily transactions on the Bitcoin network dropped to levels not seen since August 2018.
According to analytical data by The Block, the seven-day average of Bitcoin transactions dropped to 217,000 transactions yesterday. The last time this number was recorded was at the end of August 2018.
This drop comes as the Bitcoin price hovers around the $36,000 mark, down 44% from its all-time high of $64,000 set in April of this year.
Besides, other on-chain indexes are also affected. The number of daily active addresses on the Bitcoin network — also a seven-day average — dropped to 940,000 addresses yesterday, coinciding with levels last seen in May.
The number of new addresses per day also fell to 372,000, back to the level recorded in March.
Accordingly, on-chain volume in US dollars fell 55%, from $17.3 billion per day to $7.7 billion.
However, the upside during these difficult times is that Bitcoin transaction fees are plummeting. This makes it cheaper to use the network. The average fee has dropped by 87%, from $53 to $7.
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