Skip to main content

Bitcoin’s Daily Transactions See Sharp 46% Decline Since Mid-September

Bitcoin's Daily Transactions See Sharp 46% Decline Since Mid-September

Over the past 37 days, since September 15, 2023, the number of daily bitcoin transactions has dropped considerably, with the trend of Ordinal inscriptions experiencing a significant slowdown. In the first two weeks of September, the average number of daily transactions confirmed on the Bitcoin blockchain decreased by more than 46%.

2023’s Bitcoin Transaction Paradox: A Year of Growth Amidst Recent Slowdowns

Since mid-September, there has been a marked slowdown in Ordinal inscriptions, leading to a decrease in daily confirmed BTC transactions. Inscriptions plummeted on September 24, 2023, and haven’t rebounded since. As of block height 813,333, there are about 35,377,327 inscriptions tied to the Bitcoin blockchain.

While more than 232,000 inscriptions were added on September 24, the daily count hasn’t surpassed 100,000 since then. Over the last week, it has struggled to exceed 20,000 inscriptions per day. This trend has affected the number of daily BTC transactions. On September 15, 2023, the network processed 703,692 transactions in one day, setting a lifetime record.

From September 1 to September 15, 2023, the daily transaction average was 528,503. This month tells an entirely different tale. From October 1 to October 21, 2023, the daily average was 284,704. That means the daily average in the first half of September was 46.13% higher than the first three weeks of October.

In September 2023, the average number of confirmed BTC transactions was about 489,165 a day. In August, the average was 464,969 a day; in July, it was 455,893; and in June, it was 404,906. So far in 2023, the daily average is about 392,170 transactions. In 2022, the daily average was 255,085.

The data indicates that, despite the 46% drop from September to October 2023, there’s been a 53% increase in the average number of daily transactions compared to the previous year. The striking contrast is that 2023 isn’t yet concluded.

What do you think about the number of daily transactions on the Bitcoin blockchain slowing down since inscriptions have slowed down? Share your thoughts and opinions about this subject in the comments section below.



from Bitcoin News https://ift.tt/AlsnMKY
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more