Bitcoin Hits Record High Transactions Post Halving; Role of Newly Launched Bitcoin Runes Analyzed
Summary:
Bitcoin notched a record-breaking 926,842 transactions on April 23, just three days after Bitcoin halving. The surge coincided with the launch of Bitcoin Runes – a protocol for issuing tokens, which accounted for 68% of all Bitcoin transactions. Despite this, Bitcoin's value hovered over the $64,000 mark with a 9% monthly decrease. Analysts suggest that the real impact of Bitcoin Runes may only be felt months after the initial excitement subsides.
Bitcoins set a groundbreaking record on April 23, peaking at 926,842 transactions just three days following the Bitcoin halving. This surpassed the previous record of over 731,000 that was set in December 2023, as recorded in Glassnode data. This record transaction count coincided with the unveiling of Bitcoin Runes, a novel protocol for issuing tokens on the Bitcoin network. Runes account for the majority of Bitcoin transactions, comprising 68% of the total. According to Dune, Runes-related transactions total 3.6 million. According to TeraWulf co-founder and CEO Nazar Khan, while Runes may not remain Bitcoin's most popular token standard, they certainly attest to block space value on Bitcoin. Despite significant transaction activity, the Bitcoin value stubbornly hovers over the $64,000 limit and saw a 9% monthly decrease. The real market impact of Bitcoin Runes could possibly be felt months after the initial enthusiasm dies down, as suggested by DeFi researcher 'Ignas'. Ignas warned that owing to their elementary scarcity of utility, freshly launched Runes could likely trade in the same volatile fashion as memecoins.
Published At
4/26/2024 3:20:41 PM
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