BCGAME - Free 5BTC Daily Bonus!The global crypto market lost $200 billion overnight before Tuesday morning, adding to losses of $300 billion for the week. Momentum has pushed the global market capitalization lower since Bitcoin (BTC) hit a recent peak in April, followed by an altcoin peak in early May. After $1,1 trillion in losses since then, the previous quarter's growth has been completely eradicated across the entire crypto space.
The recent drop also coincides with a sharp decline in the number of transactions flowing through the blockchain Bitcoin. On May 30, the number of daily Bitcoin transactions fell to 175.000 — a nearly three-year low dating back to September 2018, according to data from BitInfoCharts.
The number of Bitcoin transactions reached 392.000 in January 2021 and remained reasonably stable until April 15 – two days after the currency price peaked. Since then, both have been in decline, with transactions dropping more than 50% over May.
The same general pattern was witnessed with Ether (ETH), where daily transactions dropped from 1,6 million on May 11 (the same day the coin price peaked) to 1 million on Sunday – a 37,5% drop. .XNUMX%.
The number of on-chain transactions does not paint the whole picture for Bitcoin or Ether, due to the former's use in the Lightning Network and the latter's utilization by its own variety of layer-two protocols.
The dollar value of locked coins on the Lightning Network has also declined sharply since hitting an all-time high of $76 million on April 14, dropping to $47 million at the time of publication.
Whether the overall decline continues is a matter of intense speculation for market analysts, who provide both optimistic and ominous predictions for the future direction of the market. BTC price.
