The excitement around the site 6 months ago bitcoin BTC
-0.99%
But just like in early 2018, six months later, the number of new addresses joining the network has plummeted as enthusiasm for new Bitcoin projects has waned.
According to data from The Block, an average of 275,000 addresses were added to the Bitcoin network each day last week, compared to 625,000 six months ago.
Crucially, other related metrics also declined, including miner revenue as measured by hash rate, which also fell to record lows. Transaction fees on the network have been reduced as well as on-chain volume metrics.
While on-chain metrics are currently down, the Bitcoin network’s new protocol is attracting record levels of interest from venture capital firms, setting the stage for a potential comeback, as The Block recently reported.
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