Summary
- The weekly average number of transactions on the Bitcoin (BTC) network reportedly dropped to about 350,000, hitting the lowest level in a year and a half.
- It was stated that waning market interest in native Bitcoin protocols such as Runes and Ordinals was identified as a main cause of the decline in trading volume.
- BTC was reported to be trading at $104,246.76 on the Binance Tether (USDT) market, up 0.12% from the previous day.
According to The Block, a cryptocurrency-focused media outlet, on the 19th (local time), the weekly average number of transactions on the Bitcoin (BTC) network has dropped to about 350,000, marking the lowest level in a year and a half.
While more than 700,000 transactions per day were recorded in the middle of last year, recently the trading volume has rapidly declined.
The media pointed to waning market interest in native Bitcoin protocols such as Runes and Ordinals as the main reason for this decline.
Meanwhile, as of 04:48 on the 20th, BTC was trading at $104,246.76 on the Binance Tether (USDT) market, up 0.12% from the previous day.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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