Hassan Maishera
TL;DR
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Bitcoin and Ether have stagnated over the past few hours despite rising transactions.
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The total number of active Bitcoin users s falling as investors take a step back.
Bitcoin Continues To Trade Around $27k
Bitcoin, the world’s largest cryptocurrency by market cap, has maintained its price around the $27k mark for the second successive day this week.
BTC has lost less than 1% of its value over the last 24 hours and is now trading at $27,125 per coin.
The stagnant performance comes as the Bitcoin network records some interesting numbers.
According to data obtained from The Block, the number of daily transactions on the network hit a record high on May 12. Bitcoin achieved this feat a few days after the new tokens created with the Ordinals protocol exceeded a total market value of $900 million.
However, despite the growing number of transactions on the Bitcoin network, the number of active addresses that have sent or received funds has declined to the lowest level recorded since July 2021.
The data indicates that there are fewer people active on the network, but each person using the Bitcoin network is making more transactions on average.
Bitcoin hit the $33k mark a few weeks ago, its highest level since the start of the year. However, the rally has cooled down as investors continue to weigh the regulatory aspect of the market and the Federal Reserve’s continued rate hike.
Ether has also stagnated, with its price stuck around the $1,800 region over the past few weeks. Since hitting an 11-month high of $2,141 a few weeks ago, ETH has lost more than 20% of its value.
