The month so far has seen a dip in Bitcoin’s user activity. Amid this decline, the average transaction fee on the network continues to grow.Bitcoin
The daily transactions count on the network observed on a seven-day moving average showed that the average number of weekly transactions completed on the network ranged from 400,000 to 500,000 between May and mid-September.After attaining this peak, BTC began to see a steady decline in transaction count. As of 9 October, only 284,000 transactions were completed on the network. This represented a 52% drop from the 20 September peak and an 11% month-to-date decline.
This rallied steadily in September to reach a daily high of 1.11 million unique addresses on 15 September, its highest daily count in over a year.Moreover, the number of unique addresses involved in first-time transactions involving BTC on the network has also witnessed a dip. Information sourced from The Block Data showed that this also surged in September to peak at 648,000 new addresses on 19 September. It has since declined by 37%.A decline in a network’s daily active address signals less demand for its native coin, which can impact its price.
Interestingly, despite the waning user activity on the network, the average transaction fee has risen steadily since the month began. At $2.83 as of this writing, the average cost of executing transactions on the BTC network has increased by 19% since 30 September.Abiodun is a full-time journalist working with AMBCrypto. He is also a lawyer with over 2 years of experience.
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