Bitcoin transaction fees have been falling and according to the latest issue of Diar published on February 11th, they have fallen to levels only witnessed back in 2014. Contrary to the transaction fees, the transaction count has been rising and in January 2019, they were close enough to levels they were witnessed back in December 2017 the month that the Bitcoin price hit all-time highs.
The report notes that “Bitcoin transactions hit a one-year high last month nearing levels seen in the 2017 ramp up to the price boom.” Bitcoin transactions in January 2019 reached 9 million, the highest over the past 12 months. In December 2017 these numbers were in excess of 11 million.
In regards to the median transaction fees, those numbers have also been on a downtrend reaching levels witnessed in 2015. According to the report, these fees have been falling “despite the total monthly Bitcoins moved on-chain standing at higher levels than seen throughout most of 2018.” This shows that despite an increase in network usage, the fees have been falling which means that the Bitcoin network is becoming more efficient.
Now despite the previous metrics exhibiting positive improvements over the months and years, there are other sectors that are not showing improvement signs. For instance, the report shares data statistics for median transaction value over the past four years and according to Diar, this figure has been falling steadily during that time period.
“Median transaction value in Bitcoins has dwindled to new lows, as has the equivalent total USD Volume which last month fell below May 2017 levels,” the report noted.
The last chart shared by the report that also had a positive sentiment attached to it was the total Bitcoins moved on-chain over the past two years. Diar described the chart figures as healthy despite showing a noticeably ranging chart. The on-chain bitcoin transactions have been falling for the first half of 2018 through to October when they took a turn for the positive.
On the last quarter of 2018, the numbers were on an upward trajectory, a pattern that was deviated from in the January 2019 month. However, the difference was not too alarming which prompted Diar to describe this pattern as “healthy.”