As Crypto Interest Winds Down Bitcoin’s Daily Transaction Rate Plummets to Two-Year Lows
Onchain data indicates that bitcoin transactions per day have plummeted to lows not seen since October 2018. Further, bitcoin transaction fees have dropped 93% after touching a high of $62 per transaction in April 2021.
Bitcoin Daily Transaction Rate Dips by 35%, Google Trends Data Shows Interest Has Dropped Since May
While bitcoin (BTC) prices have dropped to lower bound ranges, after touching an all-time high over $64K per coin, the number of daily transactions has dive-bombed as well.
In fact, daily BTC transactions have been plummeting since the first week of 2021, as statistics show a high of 387K transactions on January 6. Data from bitinfocharts.com indicates that the number of bitcoin transactions confirmed on June 3 was around 249K. Between the first week of January up until now, daily transactions have slipped by more than 35%.
Fork.lol stats show on June 7, the BTC network processed around 221,624 transactions on Monday. From February 14 to April 28, 2021, the Bitcoin Cash (BCH) network outpaced the BTC chain’s daily transaction rate during that time span.
Today, the BCH chain has a lower daily transaction count than BTC, as current daily stats for June 7 show, BCH has processed around 68,973 transactions. BTC transactions per day have not been this low since October 2018, as daily transactions have been consistently higher since then.
BTC’s highest daily transaction rate has only tapped 478K confirmed transactions, while BCH broke over two million confirmed transactions per day during the first week of September 2018. In addition to BTC transactions per day dropping to 2018 levels, bitcoin fees have slid as well during the last few weeks.
The lack of interest in bitcoin and cryptocurrencies, in general, may have contributed to the daily transaction levels dipping to 2018 levels. The search query “bitcoin” touched an all-time high on Google Trends in May with a score of 100, but the worldwide search trend has dipped to 52 on June 5.
Daily transactions for a great number of the top digital assets including BTC, ETH, DOGE, XRP, LTC, and BCH have all dipped significantly. While XRP transactions did dominate Ethereum’s daily confirmed rate during the first few months of 2021, the ETH chain is now ahead of XRP in terms of daily transactions confirmed.
What do you think about BTC transactions dropping to 2018 levels? Let us know what you think about this subject in the comments section below.
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Author: Jamie Redman