\t\t\t\t\t\t
<\/p>\n
- \n
- Daily transaction count on the Bitcoin network has fallen to its lowest level since May.<\/em><\/li>\n
- Despite the drop in user activity, the average transaction fee continues to climb.\u00a0<\/em><\/li>\n<\/ul>\n
After a surge in September, the number of daily transactions on the Bitcoin [BTC]<\/a> network has been on a downward trend since the start of October, according to information retrieved from <\/span>The Block Data<\/span><\/a>.<\/span><\/p>\n
\nRead\u00a0Bitcoin\u2019s [BTC] Price Prediction<\/a>\u00a02023-2024<\/p>\n
\nThe daily transactions count on the network observed on a seven-day moving average showed that the average number of weekly transactions completed on the network ranged from 400,000 to 500,000 between May and mid-September.\u00a0<\/span><\/p>\n
By 20 September, the chain recorded a daily transactions count of 595,110, its highest since 16 May.\u00a0<\/span><\/p>\n
After attaining this peak, BTC began to see a steady decline in transaction count. As of 9 October, only 284,000 transactions were completed on the network. This represented a 52% drop from the 20 September peak and an 11% month-to-date (MTD) decline.\u00a0<\/span><\/p>\n
![\"\"](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-11-at-07.35.07.png\")
<\/a><\/p>\nSource: The Block<\/p>\n<\/div>\n
Some Ws and some Ls<\/b><\/h4>\n
An assessment of BTC\u2019s on-chain performance since the month started revealed a general decline in user activity. In addition to a drop in the daily transaction count, the network has also seen a decrease in its number of active daily addresses since the month started.\u00a0<\/span><\/p>\n
This rallied steadily in September to reach a daily high of 1.11 million unique addresses on 15 September, its highest daily count in over a year.\u00a0<\/span><\/p>\n
However, this has since declined, and by 9 October, the chain recorded less than 950,000 active addresses.\u00a0<\/span><\/p>\n
![\"\"](\"image\/svg+xml,%3Csvg%20xmlns=\")
![\"\"](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-11-at-07.35.49.png\")
<\/a><\/p>\nSource: The Block<\/p>\n<\/div>\n
Moreover, the number of unique addresses involved in first-time transactions involving BTC on the network has also witnessed a dip. <\/span><\/p>\n
Information sourced from The Block Data showed that this also surged in September to peak at 648,000 new addresses on 19 September. It has since declined by 37%.\u00a0<\/span><\/p>\n
\nIs your portfolio green? Check the\u00a0BTC Profit Calculator<\/a><\/p>\n
\nA decline in a network\u2019s daily active address signals less demand for its native coin, which can impact its price. Since BTC\u2019s price rallied above $28,000 to briefly exchange hands at $28,400 on 2 October, it has since traded below $27,600, data from <\/span>CoinMarketCap<\/span><\/a> showed.\u00a0<\/span><\/p>\n
Interestingly, despite the waning user activity on the network, the average transaction fee has risen steadily since the month began. At $2.83 as of this writing, the average cost of executing transactions on the BTC network has increased by 19% since 30 September.\u00a0<\/span><\/p>\n
- Despite the drop in user activity, the average transaction fee continues to climb.\u00a0<\/em><\/li>\n<\/ul>\n
![\"\"](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-11-at-07.27.24.png\")