BTC Statistics Fall Because Of The Sub-$10,000 Drop

Bitcoin is continuing its weak performance and falling to a weekly low of $9,600 as buyers are failing to step up to the plate. At the time of writing, Bitcoin is at $9,700 but the BTC statistics are seem to be falling out of place because of the downward run.

BTC is still over 5% higher than the monthly low of $9,150. However, the latest cryptocurrency news feature analysts showing that a drop lower may be coming. Even though some have taken this price action optimistically, others think that Bitcoin could drop again soon and prove that it is in a bear market.

When Bitcoin started rallying in early April this year, the activity on the asset’s blockchain started surging. The BTC statistics surged too as investors began speculating a new high and extended use of BTC. The coming altcoin news also showed increases in cryptocurrencies such as Binance Coin (BNB), Ethereum (ETH), Ripple (XRP), Litecoin (LTC) and others.

The active addresses and daily confirmed transactions spiked too, where the daily value of BTC started trending higher and entering billions on some days. The hash rate also mooned to fresh all time highs, proving that BTC is the most secure blockchain network. However, all of these BTC statistics started declining when Bitcoin took a beating and paused after tapping $14,000 just one month ago.

This was the time when the network activity suffered first, hitting a clear roadblock. As Nic Carter from CoinMetrics then stated, “the numbers are going down” where by “the numbers” he means to the network fundamentals as the most critical BTC statistics.

I regret to inform you that the numbers are going down pic.twitter.com/ceQ7yHABpO

— nic carter (@nic__carter) July 23, 2019

Even though the declines are nothing to worry about, they are notable. As per the firm’s data from last week and this week, the number of BTC transactions is down by 4% and the blockchain’s hash rate has stagnated, too. The dollar value of transactions is down 24% while the count of active addresses has shed 6%.

What’s interesting is that among all BTC statistics, the strong decline in network use is not confined to just Bitcoin. It is also similar in the altcoin news, and there is often more dramatic trend for Ethereum, XRP and Litecoin.