The crypto market drops $300B while Bitcoin trading is close to a 3-year low

As of Tuesday morning, the global crypto market had lost 200 billion U.S. dollars overnight, and this week’s losses increased by 300 billion U.S. dollars. Since Bitcoin (Bitcoin) Set a recent peak in April and then reached the peak of altcoins in early May. After losing $1.1 trillion since then, the growth of the previous quarter has completely disappeared in the entire crypto space.

The recent downturn also coincides with a significant drop in the number of transactions flowing through the Bitcoin blockchain. On May 30th, the daily transaction volume of Bitcoin fell to 175,000, which was the lowest point in the past three years and can be traced back to September 2018. data From BitInfoCharts.

In January 2021, the Bitcoin transaction volume reached 392,000 and remained fairly stable until April 15th, two days after the token price peaked. Since then, both have been declining, with transaction volumes falling by more than 50% throughout May.

Ether also witnessed the same general pattern (Ethereum), where is it Daily transaction From $1.6 million on May 11 (the same day the token price peaked) to $1 million on Sunday-a decrease of 37.5%.

The number of transactions on the chain does not depict the full picture of Bitcoin or Ether, because the former is in Lightning Network The latter uses its many Second floor protocol.

Since reaching a record high of US$76 million on April 14, the dollar value of coins locked in the Lightning Network has also fallen sharply, falling to US$47 million By the time of publication.

For market analysts, whether the general decline will continue is a strong question of speculation. They also provided optimistic with inauspicious Prediction of the future direction of BTC price.