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Bitcoin Daily Transactions Reach New Record High

26 Apr, 2024 Coin news

Bitcoin Daily Transactions Reach New Record High

Bitcoin transactions hit a record high of 926,842, just three days following the Bitcoin halving event.

On April 23, Bitcoin saw more than 926,000 transactions in a single day, breaking its previous record of over 731,000 transactions set in December 2023, as per Glassnode's data.

This surge in activity came shortly after the Bitcoin halving on April 20 and coincided with the introduction of Bitcoin Runes, a new protocol designed for creating fungible tokens on the Bitcoin blockchain.

Runes have become a major component of Bitcoin's transaction volume, constituting 68% of all transactions.

To date, investors have carried out a total of 3.6 million transactions involving Runes, reports Dune.

Although it's uncertain if Runes will continue to be the primary token standard on Bitcoin, their significant impact highlights the blockchain's valuable block space.

Nazar Khan, co-founder and CEO of TeraWulf, commented on this development in an interview with Cointelegraph:

“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.”

In spite of these record-breaking transaction numbers, Bitcoin's price has not seen corresponding increases, hovering just above $64,000.

Over the past month, the cryptocurrency experienced a decline of more than 9%, as shown by CoinMarketCap.

The introduction of Runes has sparked considerable interest within the Bitcoin community.

However, the true market potential might emerge only after the initial excitement fades, according to a post by Ignas, a pseudonymous DeFi researcher, on April 17 on X:

“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 also cautioned that due to their initial lack of practical uses, Runes might experience volatility similar to that of memecoins right after their introduction.

Sources:

https://cointelegraph.com/news/bitcoin-daily-transactions-record-high

https://studio.glassnode.com/metrics?a=BTC&category=&m=transactions.Count&mAvg=0&mMedian=0&s=1676297977&u=1714003200&zoom=

https://dune.com/cryptokoryo/runes

https://coinmarketcap.com/currencies/bitcoin/

https://twitter.com/DefiIgnas/status/1780547832287789556

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