According to an excerpt from TheBlock’s Data and Insights Newsletter, the seven-day moving average of Bitcoin (BTC) network transactions has fallen to 330,000, down from 12 months ago.
This represents a roughly 55% drop in network activity, and the Bitcoin network is experiencing a steep decline in activity.
This suggests a significant shift in how the network is being used. Transaction fees have remained stable at $500,000 over the past month, compared to the increase in network activity at the end of 2024.
This change is especially noticeable when we look at the behavior of Bitcoin-based protocols such as Runes and Ordinals. These protocols are
They function similarly to Sariam's ERC-20 tokens and NFTs, and while they once drove speculative interest and network activity, they now account for around 1% of all transactions.
Fees have fallen to less than $20,000 in the past 30 days, compared to $60 million at launch.
The market trend is to move speculative trading activity away from other blockchain entities.
Traders are turning to the Solana network, which is seeing active use, especially for meme coin trading. Similarly, Base has been gaining traction with AI engineers in recent months.
This surge in activity suggests that while Bitcoin remains the largest cryptocurrency on the market, other networks are increasingly adopting certain on-chain technologies.
This suggests that the company is absorbing new niches and trading volume.
2025/02/17 15:58 KST
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