- Bitcoin fell behind in terms of daily transactions
- The U.S. government sold confiscated Bitcoins, but this has had no impact on prices so far.
Bitcoin [BTC] might be the most popular cryptocurrency and blockchain network, but is it the fastest growing? The number of daily transactions is one of the metrics to answer that question and a recent report reveals surprising findings.
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IntoTheBlock recently released data comparing Bitcoin’s daily transactions with those of Ethereum [ETH], Algorand [ALGO], and Dogecoin [DOGE].
According to the report, Ethereum has been leading the blockchain segment in terms of daily transactions. It has reportedly outperformed Bitcoin by almost double.
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Here are some insights:
1️⃣ #Ethereum is almost twice as busy as #Bitcoin, making it the… pic.twitter.com/7XIleeczCL— IntoTheBlock (@intotheblock) July 12, 2023
But how has Bitcoin faired against Dogecoin? IntoTheBlock revealed that Bitcoin’s daily transaction count has outperformed Dogecoin seven-fold.
Despite the above findings, Bitcoin’s transaction count has achieved an overall improvement in the last six months. It peaked at 682,099 BTC at the start of May but has since dropped to 478,176 BTC, according to the latest data.
Source: Glassnode
BTC’s latest transaction count is significantly better at its press time level than it was at the start of the year despite the dip. This is because its transaction count was lower than 200,000 BTC at the start of January.
But how has this affected network fees? Well, according to Glassnode, fees have dropped off substantially in the last two months.
Bitcoin network fees are now back to levels seen in Q1 and for a good reason. The fees spiked towards the end of April and peaked in May. This peak was short lived but it was around the same time that we saw a spike in miner revenue.
Source: Glassnode
Part of the reason for this spike was the fact that the network experienced a boom in activity in April and May. This was around the same time that we saw a lot of Bitcoin Ordinals-related activity.
Will Bitcoin give in to sell pressure?
It is still unclear whether Bitcoin can retain its price above $30,000 and perhaps even push higher. Major events may trigger a directional impact. There is one event that BTC holders should keep an eye on.
How much are 1,10,100 BTCs worth today?
According to recent data, the U.S government has been selling some of the Bitcoin that was confiscated in the past.
Source: Glassnode
Perhaps the biggest concern is that Bitcoin might give in to sell pressure if the government dumps all that BTC. However, the cryptocurrency has been holding up well so far. It exchanged hands at $30,562 at press time.
