Bitcoin's transaction numbers rebound, but...
Interestingly, the decline in fees came despite a sharp rebound in on-chain trading activity. As per the Glassnode chart below, transaction numbers witnessed a robust recovery in July after weeks of downtrend.In fact, the transaction count last weekend reached its highest level since the BRC-20 euphoria of May. What could then possibly explain the dip in fees?The period witnessing the surge in transaction count also saw a sharp uptick in the network hash rate.
However, a growing hash rate also reduces the rate at which new blocks are mined and added to the chain. As depicted below, the block interval significantly dipped as the hash rate soared. This meant that transactions could be processed quickly without people needing to bid up their fees to jump the line.
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