As a crypto investor with a few years of experience under my belt, I’m thrilled to witness the latest milestone reached by the Bitcoin network – surpassing 900,000 daily transactions for the first time. The launch of Runes has undeniably played a significant role in driving this growth, demonstrating increasing interest and utility in cryptocurrencies.
According to Intotheblock’s latest analysis, the Bitcoin network achieved a significant achievement as its daily transactions reached an all-time high of 927,000, surpassing the previous record of 724,000 which was set in December 2023.
The introduction of Runes led to a significant surge, showing heightened demand and versatility for cryptocurrencies, reaching a new peak in Bitcoin’s trading volume.
Since its introduction post-Bitcoin halving on April 20, Runes, a novel token standard on the Bitcoin blockchain, have been leading in transactions with approximately 2.38 million processed to date. This represents an impressive 68% share of the total Bitcoin transactions.
Bitcoin hit a new all-time high in daily transactions!
After the introduction of Runes, there has been a significant surge in the number of Bitcoin transactions. On Tuesday alone, this figure reached an impressive 927,000. Previously, the highest transaction volume was recorded in December 2023, at 724,000.
— IntoTheBlock (@intotheblock) April 26, 2024
The data, obtained from a Dune Analytics dashboard provided by cryptocurrency research firm Crypto Koryo, reveals that Runes are being extensively used in conjunction with regular Bitcoin transactions. This usage is evident in various types of transactions such as ordinary peer-to-peer exchanges, BRC-20s, and Ordinals.
On April 23, Runes recorded over 750,000 transactions, marking its peak activity. In contrast, the number of transactions dropped dramatically the very next day, reaching only 312,000 – a significant decrease, amounting to less than half of the transactions recorded on April 23.
As a researcher investigating the potential of Runes as a revenue source for Bitcoin miners, I’ve discovered that industry opinions are split on this issue.
Casey Rodarmor, the innovator behind Ordinals, proposes a fresh protocol claimed to be more effective in minting tokens on the Bitcoin blockchain than BRC-20.
Some critics, including Nikita Zhavoronkov from Blockchair, have raised concerns about the significant amount of block space used by Runes transactions. They argue that this usage deviates from Satoshi Nakamoto’s initial concept of Bitcoin as a decentralized peer-to-peer electronic cash system.
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2024-04-27 17:08