Bitcoin transactions soared to a historic pinnacle, registering a remarkable 926,842 transactions, merely three days post the Bitcoin halving event.
On April 23, Bitcoin witnessed an overwhelming surge in daily transactions, surpassing its previous high of 731,000 transactions recorded in December 2023, as per data from Glassnode.
This milestone was achieved in the aftermath of the Bitcoin halving on April 20, coinciding with the introduction of Bitcoin Runes, a novel protocol facilitating the issuance of fungible tokens within the Bitcoin network.
Constituting the majority of transactions on the Bitcoin network, Runes accounted for a striking 68% of all Bitcoin transactions. Dune data revealed a total of 3.6 million transactions related to Runes.
Nazar Khan, co-founder and CEO of TeraWulf, highlighted the significance of block space on Bitcoin, citing Runes and Ordinals as testament to this value:
“Runes and Ordinals are demonstrating the value of block space… The Bitcoin network is the most decentralized, secure, and robust network that exists, so there will be use cases and value derived from that block space.”
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Despite the record-breaking transaction volume, Bitcoin’s price remained relatively subdued, hovering just above the $64,000 mark. CoinMarketCap data indicated a decline of over 9% in the cryptocurrency’s price on the monthly chart.
However, the true potential for Bitcoin Runes may only materialize in the coming months, according to insights from Ignas, a pseudonymous decentralized finance (DeFi) researcher.
In an April 17 X post, Ignas suggested that while Runes had garnered significant attention within the Bitcoin community, the actual market opportunity might unfold after the initial surge of investor excitement subsides:
“Runestone, RSIC, and PUPS are already pumping, promising holders shiny new Rune token airdrops. And FOMO threads keep coming. But, like the NFT frenzy post-JPEG reveal, the market could soon cool off.”
Ignas cautioned that due to their initial lack of utility, Runes could experience trading dynamics reminiscent of volatile memecoins shortly after their launch.
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