Crypto market sinks by $300B while Bitcoin transactions near 3-year low

Crypto market sinks by $300B while Bitcoin transactions near 3-year low

“Bitcoin transactions are in rapid decline as the cryptocurrency market continues to shed value since its recent peak.
The global crypto market lost $200 billion overnight leading into Tuesday morning, adding to $300 billion losses for the week. Momentum pushed the global market cap down since Bitcoin (BTC) hit a recent peak in April, followed by an altcoin peak in early May. Following $1.1 trillion losses since then, the previous quarter’s growth has been completely eradicated across the breadth of the crypto space.The recent slump also coincides with a marked decline in the number of transactions flowing through the Bitcoin blockchain. On May 30, the number of daily Bitcoin transactions dipped as low as 175,000 — a near three-year low that stretches back to September 2018, according to data from Bitinfocharts.The number of Bitcoin transactions hit 392,000 in January 2021, and remained fairly stable up until April 15 — two days after the coin price peaked. Since then, both have been in decline, with transactions dropping by more than 50% throughout May.The same general pattern was witnessed with Ether (ETH), where daily transactions sank from 1.6 million on May 11 (the same day the coin price peaked), to 1 million by June 6 — a 37.5% decline.The number of on-chain transactions doesn’t paint the full picture for Bitcoin or Ether, owing to the former’s use in the Lightning Network, and the latter’s utilization by its own multitude of layer-2 protocols.The dollar value of coins locked in the Lightning Network also declined heavily since hitting an all-time high of $76 million on April 14, dropping to $47 million by the time of publication. Whether the general decline continues is a matter of intense speculation for market analysts, who provide both optimistic and ominous predictions for the future direction of the BTC coin price.”

Source: Cointelegraph.com News

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