Bitcoin has now fluctuated in a $1,000 range for the past week and is showing signs of weakness.
Bitcoin’s price has lost 3.3% today to reach its current value of $6,250. As a result, it saw more than $4 billion wiped from its market capitalization in the last day, falling back to just under $114.5 billion.
Bitcoin is down 6.5% for the week and 27.5% for the month, as the cryptocurrency has failed to recoup the losses incurred following its a major crash earlier this month.
Worse, fewer people appear to be using Bitcoin recently. The number of daily Bitcoin transactions has slipped in recent weeks. Since March 12, the number of Bitcoin transactions has fallen from 350,000 to just 290,000 yesterday—a decline of 17.2%.
The number of transactions in the mempool—a place where all the unconfirmed Bitcoin transactions are stored—also declined significantly in recent weeks, falling from around 53,000 down to below 5,000 at times yesterday. This implies that fewer people are trying to make transactions
.At the same time, Bitcoin’s daily trading volume has dropped from $47.4 billion to $35.5 billion—a reduction of 25%
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