However, activity on the blockchain declined over the same period.
According to a new report from Messari, user activity on the #BTC [BTC] network declined in the first quarter, despite a significant increase in the coin's price during the period.
In its report titled "State of Bitcoin in the First Quarter of 2024," the #blockchain data provider revealed that demand on the bitcoin network declined during the 90-day period.
The average daily number of addresses with at least one transaction on the blockchain was 895,000 during the quarter. This is a 5% decrease from the average daily number of active addresses on the bitcoin network of 937,000 in the last quarter of 2023.
The decrease in the number of active addresses on the blockchain led to a decrease in the number of transactions made on the blockchain during the quarter. According to Messali, the average number of daily transactions on the network decreased by 15.3 percent.
As for the reasons for the decline in activity on the network, Mr. Messali stated the following:
The decrease in the number of transactions can be attributed to a decrease in the activity of bots and "superusers" (users who trade frequently and account for the majority of transactions).
As the number of transactions on the network decreased, the average commission received per transaction also decreased. In the quarter under review, total commissions on the Bitcoin network decreased by 42%.
The first quarter of the year saw a significant increase in the value of BTC: from January 1 to March 31, the price of the coin increased by 69%. At the end of the quarter, the value of the coin was $71,310, which was a record high for the quarter.
Messali noted that the #BTC Spot #ETF , which received its long-awaited approval in January, was "probably the biggest catalyst" for the price increase. All 11 ETF providers recorded cumulative inflows of $ 12.
According to Mr.
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