The metrics of on-chain for both the leading cryptocurrencies, Bitcoin and Ethereum have witnessed a major drop in the value of dollar transactions as well as the following transaction fees.
Both BTC and ETH seem to be going through some sort of a slow down since the data of on-chain indicates a sudden decline in the US dollar coin value that is transferred to all the blockchains of both the crypto during the last week.
In the meantime, the transaction fees have been withdrawn for both the chains from their latest highs especially from the all-time high of ETH.
Dramatic Drop For Bitcoin & Ethereum
Bitinfocharts has given some reports that reveal Bitcoin worth $46.68 being sent to all the BTC blockchain on the 25th of February. In this context that is approximately 5% as compared to the entire market cap of Bitcoin that is $925 billion during the time this was written.
Within the next 3 days on 28th February, the USD value of BTC sent fell to a low of $15.38 billion, indicating a drop of 66%. During this time the average fee for transactions for the users of Bitcoin declined by almost 53% to $14.63 from $31.47. This suggests that the best average fees that have ever been recorded were seen in 2017 December when the fees have topped $55 indicating an end to the bull run of BTC for this period.
The slowdown for Ethereum is more pronounced since the blockchain slid 65% to $3.84 billion from $11.1 billion. ETH transaction fees declined 70% to $11.21 from the record high at $38.21.
BTC transactions dropped 27% based on dollar value within a period of 2 weeks in February then picked up. The average BTC transaction feed slid 58% and ETH followed the same pattern.
