Hello, Crypto Lovers! 🚀 Have you ever wondered why there is usually less transaction activity on the blockchain at weekends? Are you curious about the scientific reasons? Come on, take a look at the following review!
1. What is Blockchain?: Before we start, it is important for you to know that blockchain is a digital block chain that records transactions. This is where cryptocurrencies like Bitcoin and Ethereum operate.
2. Weekend Phenomenon: Based on data from Etherscan, a blockchain analysis platform, transaction activity on the Ethereum network usually decreases at weekends. Something similar also happened in Bitcoin, based on data from Blockchain.com.
3. Behavioral Economic Reasons: One of the main reasons according to behavioral economics is that people tend to take time off from economic activities on weekends. Even though crypto is operational 24/7, human behavior still follows a weekly work pattern.
4. Role of Institutions: Many traditional financial institutions still operate based on regular business hours and business days. Even though they are also involved in crypto, their operations are usually lower on weekends.
5. Price Fluctuations: On weekends, crypto price fluctuations can be higher due to lower trading volumes. This can make some traders choose to 'take a break' from making transactions.
You understand, why is there usually less transaction activity on the blockchain on weekends? So, it's not without scientific reasons, but there are clear behavioral and operational patterns behind it. Growing Together in Cryptoverse 🌟
