After March 2016, the number of daily Bitcoin transactions has hit the lowest in the last seven day average , going down below 160,000. This downfall goes hand in hand with weekly bitcoin volumes dropping below 6000, first time since February 2014.
The daily Bitcoin transactions has shown a distinct fall in the past weeks and statistics show that this low has been reached after giving extreme high hopes in February.
This drop has been considered to be a bearish outlook for the Bitcoin market. “We had a hype-cycle and now it’s cooling down. We just may be entering a bear market,” Mr. Morris, Chief Investment Officer of Newscape Capital Group, commented.
Kyle Saman, an eminent business man of Multicolored Capital has recently stated that this drop might be an outcome of payment modes getting drifted from Bitcoin.
The Localbitcoins trading data ensures that Bitcoins have significantly dropped twice below 6000 in last two-three months, once during December, 2017 and then in February 24, 2018.