Despite the ongoing growth in transaction volume on the Bitcoin network, the number of active addresses has fallen to the lowest level since July 2021 — 764,000.
\”Because of high fees, people do not dare to make transactions,\” stated The Block researchers.
According to the publication, the hype around tokens of the BRC-20 standard and Ordinals has driven up overall activity in the network and led to an increase in transfer fees.
According to the publication’s data, the average transaction fee in the blockchain over the year rose from about $2.50 to a peak of $16.08.
Meanwhile, the number of daily transactions in the network continues to rise. On May 12, the 7-day moving average reached a new all-time high at 587,100.
\”I see a world where the recent success of Ordinals and BRC-20 has caused the detractors to retreat. Furthermore, many of the supporters of these innovations are Bitcoin veterans who are likely wealthy enough to sustain the hype around them,\” the experts added.
At the time of writing, the first cryptocurrency is trading at $27,132, down 0.11% on the day.
In May, the transaction volume on the Dogecoin blockchain reached new highs at 628,209, surpassing Bitcoin and Litecoin.