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The number of transactions in the Bitcoin network fell to an annual minimum

The volume of transactions in the Bitcoin network set a new record, falling to an annual minimum. The last time at this level coins were traded in March last year. Nick Carter, the founder of Coin Metrics, explained the situation by the heterogeneity of transactions by nature. Part of the operations is the movement of digital coins, and another significant part is the fixation of data from third-party services.

The Omni protocol works with the data, on which Tether stablecoins were originally based. Now, the USDT issuer transfers more and more assets to the Ethereum cryptocurrency network and becomes the main consumer of computing resources. This helps reduce the load on the Bitcoin blockchain network.

In recent days, the load on the network bitcoin has reduced the VeriBlock project. In addition, a more active spread of transaction grouping has been recorded. Last week, this function was introduced by the large American cryptocurrency exchange Coinbase. The company believes that this will cause a decrease in the load on the bitcoin network from her side by about half.

This information is confirmed by an increase in the average size of cryptocurrency transfers in bytes. According to Carter in no way, there is still no time to talk about the formation of a trend, but positive dynamics are clearly visible. The founder of Coin Metrics noted that the key factor in reducing the volume of transactions is not associated with a decrease in the number of transfers, but with an improvement in the situation at the blockchain level of the main cryptocurrency.

Yesterday, the exchange rate of bitcoin to the dollar exceeded $ 6,000. Over the past day, the rise in price of coins almost reached 20%. Currently, the cryptocurrency is trading at $ 6,598. Su Zhu, the head of Three Arrows Capital, believes that bitcoin could increase in price to a record $ 50,000. Other analysts, including Ton Weiss, consider it likely that the price will weaken to $ 2,800.

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