The Bitcoin network has seen a spike in trading activity following the halving, as evidenced by on-chain data. However, this surge isn’t solely due to the halving event. Instead, it’s the new token standard called Runes that’s driving up transaction numbers.
As a researcher studying the Bitcoin network, I’ve observed an uptick in trading activity following the latest halving event. While the halving undoubtedly garnered significant attention for Bitcoin, this surge in activity may be driven by other factors.
Based on information from the on-chain analysis tool IntoTheBlock, there has been a significant surge in Bitcoin (BTC) transactions daily, reaching a record high of approximately 927,000 over the past few days. This growth can be attributed to the emergence of a new token standard called Runes.
Bitcoin Daily Transactions Reach New All-Time High
The value of Bitcoin has soared significantly since the start of the year, fueled by heightened demand and increased attention towards it as the leading cryptocurrency. This surge in interest translates into more individuals engaging in buying, selling, and exchanging Bitcoin, resulting in a substantial rise in daily transactions.
Although there had been a rise in transactions, the daily total hadn’t surpassed the previous record of 724,000 set over the last four months – until this past week.
The primary driver behind the current increase in activity is the recent introduction of the Runes token protocol on the Bitcoin network. This innovative token standard on BTC allows users to more effectively generate fungible tokens.
With Runes, Bitcoin users can now generate non-fungible tokens (NFTs) in a streamlined manner that surpasses the capabilities of the current BRC-20 token system.
After its introduction, the Runes token standard experienced significant growth among both developers and users, accounting for approximately two-thirds of all Bitcoin transactions. On April 23, 20XX, as per Dune’s analytics data, Runes transactions reached a staggering 753,000. This surge led to an impressive total transaction count of over 927,000 on that day, surpassing the previous record of 724,000 transactions set back in December 20XX.
Bitcoin hit a new all-time high in daily transactions!
After the unveiling of Runes, there has been a significant surge in the number of Bitcoin transactions. On Tuesday alone, over 927,000 transactions were recorded, surpassing the previous record of approximately 724,000 transactions set back in December 2023.
— IntoTheBlock (@intotheblock) April 26, 2024
Contrarily, the buzz around the Runes token standard appears to have waned significantly. In the last 24 hours, there have been only 104,800 transactions on Runes, which accounts for just 26% of the total transaction volume.
Bitcoin Price Prediction
As a Bitcoin analyst, I’m observing that the coin is currently priced at $63,711 with a resistance level at around $64,500. Predicting Bitcoin’s price trajectory can be quite challenging due to its volatile nature. However, some optimistic analysts and traders are anticipating a bullish impact from the recent halving on Bitcoin’s price. Additionally, a bull flag formation has emerged, which could potentially indicate an upcoming uptrend.
According to renowned cryptocurrency analyst Peter Brandt, it’s possible that Bitcoin has already peaked in this market cycle. He arrives at this conclusion using the exponential decay theory, which indicates that the rate of price increase for Bitcoin has been decreasing in successive market cycles.
Read More
Sorry. No data so far.
2024-04-28 15:04