The number of active addresses that have sent or received funds on the Bitcoin network has decreased to the lowest level since July 2021, despite an increase in the number of transactions. This suggests that fewer people are using the network, while those who are using it are making more transactions on average. The rise in fees due to increased network usage has made some users hesitant to transact. The recent surge in activity and fees on the network is attributed to the hype around Ordinals and BRC-20 tokens, which allow people to mint Ethereum-styled non-fungible and fungible tokens on the Bitcoin network. The average transaction fee on the platform has surged over the past year, from around $2.50 12 months ago to as much as $16.08 on May 11. The price of bitcoin has risen 1.5% on Monday to $27,347, according to TradingView data, but has declined 10.3% over the past month.
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