After the recent Bitcoin halving, the price to transfer transactions dropped approximately 80% compared to its peak.
After the Bitcoin (BTC) halving event a few days ago, Mempool.space, an on-chain analytics provider, revealed that the gas fees for low-priority transactions on the Bitcoin network were approximately $9.51, while medium-priority actions cost around $10.07 in transaction fees.
High-priority transactions cost as much as $10.44 per data seen at press time. The figures represented a massive drop compared to fees after last week’s halving. At the time, participants had to pay more than $146 for medium-priority transactions and over $170 for high-priority sends.
Based on CoinMarketCap’s reports, the price of Bitcoin (BTC) remained fairly stable following the anticipated code update supposedly initiated by Satoshi Nakamoto, aimed at enhancing scarcity and controlling inflation. Over the past week, BTC experienced a growth of approximately 2.4%, reaching roughly $66,000 in value.
Bitcoin Runes meet lackluster post-halving results
During the lead-up to Bitcoin’s halving event, a major issue that drew attention was the expected decrease in miner revenue due to the reduction of block rewards by half. To address this concern, Casey Rodarmor proposed his Runes protocol as a potential solution, which was scheduled to debut alongside the halving to stimulate on-chain transactions.
Using Rodarmor’s Runes, users can generate fungible assets on Bitcoin’s blockchain, opening up a new pathway for the development of decentralized finance (DEFIs).
Bitcoin Runes is reportedly a new improvement upon the BRC-20 token standard, which was originally proposed by the anonymous developer known as Domo. This standard was inspired by the Ordinal protocol created by Rodarmor.
After the cryptocurrency halving event, the value of the Runestone NFT collection has dropped by almost half on marketplaces like MagicEden. Specifically, the average price for a “Runestole” NFT plummeted from 0.073 Bitcoins to just 0.035 Bitcoins as of now. This downward trend suggests that demand for these NFTs has waned since the initial excitement wore off.
Read More
Sorry. No data so far.
2024-04-22 19:59