Amid a sharp correction across cryptocurrencies, the number of daily transactions on the bitcoin network has fallen to a nearly three-year low, The Block reported.
The 7-day moving average daily bitcoin transaction volume dropped to 2,17,000 on June 7. This is the lowest level since August 2018.
Other on-chain metrics also suffered, according to the report. The 7-day moving average of daily active bitcoin addresses fell to 940,000 on June 7, a one-month low, while the number of new addresses per hour dropped to 372,000 (March 20,21 levels).
This is despite the fact that prices are down nearly 50% from their highs of $64,000, which was just a few months ago.
Bitcoin was trading at $32,728.20 at the time this copy was written. This is 9.48 percent lower than its previous close on coinmarketcap.com. It reached a 24-hour low at 32,494.12, and a high of $36,744.22.
The crypto market’s decline has been widespread. Other popular coins like ether and dogecoin fell 2-6 percent while binance coin cardano and XRP plunged in double-digits.
Global crypto market cap stands at $1.49 trillion. This is 10.22 percent lower than the previous day. Since May 2021, it has fallen by more than $1 trillion.
The bull run in cryptocurrency fell to an abrupt halt last month after the 2020 rally, which appeared to have picked up only in the first months of 2021. There were speculations that bitcoin was in bubble. However, the alleged split of Tesla with bitcoin and China’s crackdown against miners set off regulatory intervention.