As a researcher with a background in blockchain technology and digital currencies, I find the recent surge in Bitcoin transactions, particularly those involving Bitcoin Runes, an intriguing development. The data from various sources, such as Blockchain.com, Glassnode, Dune Analytics, and CryptoMoon, reveal an interesting correlation between the introduction of Bitcoin Runes and the spike in daily Bitcoin transactions.
As a researcher studying the adoption of Bitcoin as a means of daily transactions, I’ve noticed an intriguing trend. The highest number of confirmed Bitcoin payments occurred on April 23rd – a significant milestone in the growing use of this digital currency for everyday purchases.
Within three days of entering a fresh bitcoin halving cycle on April 20th, the network handled approximately 1.6 million distinct transactions between senders and recipients.
As a crypto investor, I’ve noticed an intriguing connection between the introduction of Bitcoin Runes, an innovative alternative to Bitcoin Ordinals, and the BRC-20 protocol on the Bitcoin blockchain, and the surge in daily Bitcoin transactions. Analyzing data from both Blockchain.com and Glassnode has revealed a clear correlation between these events.
According to Dune Analytics data, Runes represented 81.3% of all Bitcoin transactions on April 23.
As a researcher studying the transaction dynamics of the Bitcoin network, I’ve observed an interesting trend. Initially, Runes held a considerable portion of transactions, accounting for approximately 18.8%. However, over time, Bitcoin or BTC, took back the majority of transactions, representing around 77.8% as of April 29th. Meanwhile, ordinals and BRC-20 transactions accounted for smaller proportions at 1.2% and 2.3%, respectively.
Explore the comprehensive CryptoMoon tutorial for an in-depth understanding of Bitcoin Runes and their distinctive features compared to BRC-20 tokens.
The rising number of Bitcoin Rune transactions has brought significant benefits to the mining industry. Two major US-based mining companies, Stronghold Digital Mining and Marathon, have shared their views on this topic with CryptoMoon, emphasizing the financial and operational advantages.
Since the Bitcoin halving occurred, miners have received approximately 1,200 BTC in transaction fees from processing Rune transactions.
Although the excitement surrounding Runes seems to be waning, for anonymous financial analyst Ignas, this presents a significant business prospect. In a recent post on X published on April 17, Ignas expressed this viewpoint.
“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.”
Runes and BRC-20 tokens represent innovative fungible token frameworks designed to enhance the functionality of Bitcoin within the emerging concept of Bitcoin Decentralized Finance (DeFi), often referred to as BTCFi.
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2024-04-30 10:42