• Daily transaction count on the Bitcoin network has fallen to its lowest level since May.
• Despite the drop in user activity, the average transaction fee continues to climb. 

After a surge in September, the number of daily transactions on the Bitcoin [BTC] network has been on a downward trend since the start of October, according to information retrieved from The Block Data.

Read Bitcoin’s [BTC] Price Prediction 2023-2024

The daily transactions count on the network observed on a seven-day moving average showed that the average number of weekly transactions completed on the network ranged from 400,000 to 500,000 between May and mid-September. 

By 20 September, the chain recorded a daily transactions count of 595,110, its highest since 16 May. 

After attaining this peak, BTC began to see a steady decline in transaction count. As of 9 October, only 284,000 transactions were completed on the network. This represented a 52% drop from the 20 September peak and an 11% month-to-date (MTD) decline. 

Some Ws and some Ls

An assessment of BTC’s on-chain performance since the month started revealed a general decline in user activity. In addition to a drop in the daily transaction count, the network has also seen a decrease in its number of active daily addresses since the month started. 

This rallied steadily in September to reach a daily high of 1.11 million unique addresses on 15 September, its highest daily count in over a year. 

However, this has since declined, and by 9 October, the chain recorded less than 950,000 active addresses. 

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Author: Abiodun Oladokun

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