- Bitcoin lagged behind in daily transactions
- The US government sold seized Bitcoins, but this has not affected prices so far.
Bitcoin [BTC] may be the most popular cryptocurrency and blockchain network, but is it also 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 to Ethereum’s [ETH]algorithm [ALGO]and Dogecoin [DOGE].
According to the report, Ethereum leads the blockchain segment in terms of daily transactions. It has reportedly outperformed Bitcoin by almost double.
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Here are some insights:
#Ethereum is almost twice as crowded as #Bitcoinmaking it the… pic.twitter.com/7XIleeczCL
— IntoTheBlock (@intotheblock) July 12, 2023
But how has Bitcoin fared against Dogecoin? IntoTheBlock revealed that Bitcoin’s daily transaction count outperformed Dogecoin sevenfold.
Despite the above findings, Bitcoin’s transaction volume has seen an overall improvement over the past six months. It peaked at 682,099 BTC in early 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 the press level than at the beginning of the year, despite the dip. This is because the number of transactions was below 200,000 BTC in early January.
But how has this affected network costs? Well, according to Glassnode, costs have dropped significantly over the past two months.
Bitcoin network costs are now back to Q1 levels, and for good reason. Rates peaked in late April and peaked in May. This spike was short-lived, but it was around the same time that we saw a spike in miners’ earnings.
Source: Glassnode
Part of the reason for this spike was the fact that the network experienced tremendous growth in April and May. This was around the same time that we saw a lot of Bitcoin Ordinals related activity.
Will Bitcoin Succumb to Selling Pressure?
It is still unclear whether Bitcoin can maintain its price above $30,000 and perhaps even push it higher. Major events can cause a targeted impact. There is one event that BTC holders should keep an eye out for.
How much are 1,10,100 BTC worth today?
According to recent data, the US government has sold some of the Bitcoin seized in the past.
Source: Glassnode
Perhaps the biggest concern is that Bitcoin could succumb to selling pressure if the government dumps all that BTC. However, the cryptocurrency is holding up well so far. It changed hands for $30,562 at the time of going to press.