Here’s the reason Bitcoin no longer holds the top spot in daily transactions
Bitcoin is experiencing slower growth in daily transactions compared to other cryptocurrencies like Ethereum, Algorand, and Dogecoin. Ethereum has outperformed Bitcoin in terms of daily transactions, almost double the amount. However, Bitcoin’s daily transaction count is still seven times higher than Dogecoin’s. Despite this, Bitcoin has seen overall improvement in daily transactions over the past six months, with a peak in May at 682,099 BTC. Currently, it stands at 478,176 BTC. Network fees for Bitcoin have dropped significantly in the last two months, returning to levels seen in Q1. This drop in fees can be attributed to a decline in activity in April and May, as well as a spike in miner revenue during that time. However, it is uncertain if Bitcoin’s price can remain above $30,000 and continue to rise. The U.S. government has been selling confiscated Bitcoin, which could potentially lead to sell pressure. Despite this, Bitcoin’s price has remained relatively stable at $30,562 at the time of writing.
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