Bitcoin Transactions Plummet: Network Fees Drop 98%

The Bitcoin network's transaction volume has plummeted to a 12-month low, with the 7-day moving average dropping to around 330,000 transactions. This represents a significant 55% decrease from the network's historical peak of 730,000 transactions. The decline in transaction volume has also led to a decrease in fees generated by the network.

In the past 30 days, fees generated by Rune transactions have fallen to less than $20,000, a stark contrast to the $60 million in fees generated on the launch day. This shift indicates a decrease in speculative trading activity on the Rune network, with traders potentially moving to other blockchain ecosystems.

The current Bitcoin network transaction fee is hovering around 3 Sats/s, according to Memepool data. This decrease in transaction fees and volume suggests a potential slowdown in Bitcoin network activity, which could be attributed to various factors such as market conditions, regulatory uncertainty, or competition from other cryptocurrencies.

The decline in Bitcoin network transaction volume and fees comes amidst a broader shift in the cryptocurrency landscape. Other blockchain ecosystems, such as Solana and Ethereum, have gained traction and attracted significant investment. For instance, Doodles, a popular NFT project, recently announced its token launch and debut on the Solana network, which could potentially boost the network's activity and fees.

As the cryptocurrency market continues to evolve, it remains to be seen how the Bitcoin network will adapt to these changes. The network's resilience and ability to attract users and developers will be crucial in determining its long-term success.