Bitcoin (BTC) and Ether (ETH) seem to be slowing down, with on-chain data showing significant decreases in dollar value on both blockchain networks. On the other hand, transaction fees have declined in both blockchain networks.
According to Bitinfocharts data, on February 25, a BTC transaction worth $ 46.68 billion was made on the Bitcoin blockchain network. This amount corresponds to about 5 percent of Bitcoin’s total market capitalization, which is $ 925 billion at the time of translation release.
Three days later, on February 28, the value of Bitcoin transactions in dollars decreased by about 66 percent and fell to $ 15.38 billion. On the other hand, the average fee for Bitcoin transactions fell 53 percent from $ 31.47 to $ 14.63. The highest average transaction fee on the Bitcoin blockchain network was seen at $ 55 in December 2017.
On the Ethereum blockchain network, the total transaction value fell 65 percent from $ 11.1 billion to $ 3.84 billion between February 23-27.
On the other hand, the Ethereum blockchain network’s average transaction fee, which reached its all-time high of $ 38.21 on Feb.23, also fell by 70 percent to $ 11.21.
The decline in activity seen on both blockchain networks could indicate that the current bull market is disrupted. Still, historical data suggest that such setbacks are common.
In January, the dollar value of Bitcoin transactions fell by 72 percent in the two-week period, and in February, it rose again, rising from before. Similarly, the average transaction fee fell 58 percent in the same period. The same was observed in the Ethereum blockchain network.