The Bitcoin network looks like ghost city, as its activities have decreased to the lowest level per year. The Bitcoin network activity index hovers from the Cryptoquant market analysis platform around 3,760, which is the lowest level since February 2024, indicating a decrease in activity on pioneering Blockchain 15 % since its record in November 2024.
According to Cryptoquant weekly a reportThe index measures growth in the main bitcoin measures such as the size of the mass, the active addresses and the number of transactions. This means that the low bitcoin activity includes almost all areas of the network. It is worth noting that the index has decreased to less than the moving average for 365 days for the first time since July 2021, when China banned bitcoin mining.
Bitcoin network activity decreases
The study of different parts of the Bitcoin network reveals a sharp decrease in its activities. The number of addresses and active transactions decreased with double numbers. The total number of daily transactions decreased by 53 % of its highest level ever, amounting to 734,000 in September 2024 to 346,000 currently, the lowest level since March 2024.
Likewise, the number of active headlines on Bitcoin decreased by 20 % from 1.14 million in November 2023 to 942,000 today, the lowest level since October 2024.
Bitcoin miners also feel heat because total transaction fees have decreased due to low network activity. The total daily transaction fee is $ 593,000, compared to the risks of October 2024, when $ 4.7 million was the local summit for fees. Transaction fees are now 1.8 % of Bitcoin’s total revenue, indicating the profitability of this group of market participants.
BTC appears to be exaggerated
Moreover, the low network activity is also clear in almost empty Mempool Bitcoin. The number of transactions awaiting its inclusion in a mass decreased by 99 % from 287,000 in December 2024 to 3000 currently. Cryptoquant says MEMPOOL has not been empty since March 2022, during the last bear market.
Besides almost empty Mempool, Bitcoin has witnessed a collapse of the use of a code protocol. Ronal was created to capture the distinctive symbols on the Bitcoin network, and when the protocol was launched in April 2024, the number of daily return codes rose to 802,000. However, this number decreased to 10,000 today, indicating that the return icons are much lower than OP are used in bitcoin transactions.
Meanwhile, from the network activity perspective, Bitcoin (BTC) appears to be exaggerated at its current price of $ 97,000. The Red and Blue Metcalfe Evaluation ranges show that the fair value of assets ranges between $ 48,000 and 95,000 dollars.
Binance Free $ 600 (Full Details).
Limited offer for Cryptopotato readers in Bybit: Use this link to register and open a $ 500 free site on any coin!
