Over 75 % of the daily Bitcoin on-Chain used transactions TaProot: Data
Over 75 % of the daily Bitcoin on-Chain used transactions TaProot: Data
The price of Bitcoin may have settled under $ 30,000, but the network has a significant increase in activity due to the taproot upgrade.
It is important to note that the taproot upgrade has paved the way to create decentralized apps (DAPPS) on the Bitcoin blockchain by improving the privacy, scalability and safety of the network. The introduction of new signature schemes and a flexible transaction structure improved the long-term livelihood of Bitcoin blockchain to support the development of Defi.
taproot behind bitcoins strong activity
glass node data indicate that more than 75 % of the Bitcoin-on-chain transactions used Taproot on May 7. This is a record high compared to only 1.536 % at the beginning of the year.
Bitcoin transactions via Taproot. Glassnode
The increase in Taproot's acceptance led to an increase in network traffic. According to Rafael Schultze, co -founder of Glassnode, the number of transactions increased by more than two times compared to the starting value of 2022.
Network activity has driven the average fee rate to the highest level in almost two years, which in turn showered the Bitcoin miner with additional income. According to the data from Bitinfocharts, the average fee per Bitcoin transaction rose to $ 19.2 on May 7, the highest value since April 2021.
bullish despite increased volatility
In the meantime, over 455,000 transactions are currently waiting in the Bitcoin Mempool. While the network overload is due to the increase in the registration of order numbers, this is nevertheless Consideration regarding a potential denial of service attack (DOS) on the network.
Binance, for example, was forced to stop BTC withdrawals because "the large volume of outstanding transactions" was listed. In the middle of the volatility and fuded, Bitcoin investors seem to be optimistic.
The number of addresses that BTC send to stock exchanges reached a 2-year low at over 3,700, which may indicate that investors are willing to keep the asset in the expectation of a new rally.
📉 Rel = "Nofollow Noopener" Target = "_ Blank" htf = "https://twitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5etfw" Data-Wpel-Link = "External"> $ Btc A 2-year low of 3,700,351
Metric Show: https://t.co/sqthvgfbon pic.twitter.com/desr8h4ht8
-Glassnode warnings (@glassnodealers) 7. May 2023
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