April 28, 2024
Bitcoin News

Bitcoin Transactions Surge to Record High Post-Halving

Just three days after the Bitcoin halving, the cryptocurrency recorded a staggering milestone, with Bitcoin transactions soaring to an unprecedented 926,842 transactions.

This surge surpassed the previous daily transaction record of over 731,000 transactions in Bitcoin set in December 2023, as reported by Glassnode data.

Transaction in Bitcoin-
Bitcoin: Number of transactions. Source: Glassnode

Rise of Bitcoin Runes: Dominating Transaction Counts

This surge in transactions was largely attributed to the emergence of Bitcoin Runes, a new protocol for issuing fungible tokens on the Bitcoin network.

Runes, share of transactions. Source: Dune

Bitcoin Runes quickly became the dominant token standard, comprising 68% of all Bitcoin transactions. Investors conducted a total of 3.6 million Runes-related transactions, according to data from Dune.

Nazar Khan, the co-founder and CEO of TeraWulf, emphasized the significance of Runes in demonstrating the value of block space on the Bitcoin network. He stated that despite potential changes in dominance, the robustness and decentralization of the Bitcoin network ensure continued value derived from block space.

Bitcoin Price Unaffected by Transaction Surge

Despite the surge in transaction volume, the Bitcoin price remained relatively stable, hovering just above the $64,000 mark. However, the cryptocurrency experienced a 9% decline on the monthly chart, according to CoinMarketCap data.

BTC/USDT/ 1-day chart. Source: CoinMarketCap

Awaiting the True Potential of Bitcoin Runes

While Bitcoin Runes garnered substantial interest within the Bitcoin community, decentralized finance (DeFi) researcher

Ignas suggests that the true market opportunity for Runes may only emerge months after the initial hype subsides. Ignas warns of potential volatility reminiscent of memecoins immediately following their launch, urging caution among investors until the utility of Runes becomes more apparent.

Image by studiogstock on Freepik

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