Number of transactions declining in last 2 months. - page 3.

GreatArkansas

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Quote from: Febo on June 13, 2021, 12:32:21 PM

Is this a clear sigh we are already yin bear market or reasons are more fundamental and more serious for Bitcoin than just price and speculation.

Very possible, we also saw this kind of action of Bitcoin for multiple bear markets we experienced.
If this is already the bear market, I am glad that we are still far from the all-time-high of the previous bull run which is around $19,000.
Which is that is a very good thing, it's kinda Bitcoin as time goes by becomes more mature and less volatile.

STT

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Alot more internal transactions I think and fees are very discouraging to activity, I'm never too bullish on BTC when fees get silly because Im determined the mainstream and quite ordinary budgets of the masses are far more important then the latest statement from Elon.
I'd say its a reflection of the price and maybe the percentage of speculators. Consider the amount of BTC being held inside a fund which then resells that unit of ownership and adds a management fee and so on, its no longer an on chain transaction at that point. We certainly do have an ongoing trend of mainstream FIAT involvement or put simply holders. I'd rather crypto activity rises but it wont be linear how we develop.

thecodebear

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So far I'd say it seems pretty clear we're not in a bear market, just a cool off period of the bull market, so I wouldn't worry about a bear market unless the price tumbles down to like $20k.

I'd say a mix of people are holding, there's more third party networks (ie Paypal) operating with Bitcoin now which means there are many more transactions happening for each on-chain transaction that there used to be, and also after a big price fall txs tend to clear up as well.

Wouldn't think it's anything to worry about.

jossiel

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It's probably because of the high price of bitcoin and everyone starts to hold their bitcoins and started to be firm in holding. There could be more transactions in the past years but it also includes the small transactions.

With the news that we've got lately for this bull run, there has been millions worth in a single transaction and maybe those tx's have been merged and that's one factor why it's lessen in the last two months.

bitbunnny

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Quote from: Poker Player on June 13, 2021, 01:04:45 PM

Quote from: Febo on June 13, 2021, 12:32:21 PM

Had anyone noticed how drastically decreased the number of Bitcoin transactions in last 2 months? In last 5 years with the exception of 2018 Bitcoin had between 9 million and 10 million transactions every month. In April and May there was around 8 million and this month seems to be even below 7 million. There was no such bad month in the last 4 years. Is this a clear sigh we are already yin bear market or reasons are more fundamental and more serious for Bitcoin than just price and speculation.

Can't that just be a sign that people are just holding? Not many people buying but no many selling either. In fact, rather than a bear market, we have been moving sideways lately, which has been good for sending transactions with cheap fees.

That might be one of the reasons however some more thorough and deeper analysis should be carried out to get to more precise answer. Also, transaction fees are not higher comparing to previous period so why such decline might remain slight mistery but the real reason at the end might be quite simple.

Poker Player

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Quote from: Febo on June 13, 2021, 12:32:21 PM

Had anyone noticed how drastically decreased the number of Bitcoin transactions in last 2 months? In last 5 years with the exception of 2018 Bitcoin had between 9 million and 10 million transactions every month. In April and May there was around 8 million and this month seems to be even below 7 million. There was no such bad month in the last 4 years. Is this a clear sigh we are already yin bear market or reasons are more fundamental and more serious for Bitcoin than just price and speculation.

Can't that just be a sign that people are just holding? Not many people buying but no many selling either. In fact, rather than a bear market, we have been moving sideways lately, which has been good for sending transactions with cheap fees.

Febo

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Had anyone noticed how drastically decreased the number of Bitcoin transactions in last 2 months? In last 5 years with the exception of 2018 Bitcoin had between 9 million and 10 million transactions every month. In April and May there was around 8 million and this month seems to be even below 7 million. There was no such bad month in the last 4 years. Is this a clear sigh we are already yin bear market or reasons are more fundamental and more serious for Bitcoin than just price and speculation.

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