Bitcoin backlog surges, BTC touches $28k, miners thrive: Unraveling all the chaos

The active addresses on the Bitcoin chain declined significantly, establishing a negative correlation with the transaction count, the lowest in BTC's history.

Because of the backlog surge, the number of unconfirmed transactions on Bitcoin hit a whopping 402,071.network is getting more congested by the day, with the number of transactions shooting up to unprecedented levels. An average of 537,500 daily transactions have been reported since the beginning of May.

On 8 May, 574,914 transactions were processed on the chain, as perSurprisingly, as pointed out by a data scientist from Glassnode, the active addresses on the chain declined significantly, establishing a negative correlation with the transaction count. At the time of the tweet, the correlation coefficient was at its lowest point in history.It's currently sitting at its lowest value in history.

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