As an analyst with a background in blockchain technology and a keen interest in the crypto market, I find the recent surge in Bitcoin transactions, particularly those involving Bitcoin Runes, absolutely fascinating. The data from Blockchain.com and Glassnode paints an intriguing picture of how these alternative applications can significantly impact the usage and utility of the Bitcoin network.
As a crypto investor, I’m thrilled to witness the increasing use of Bitcoin for everyday purchases. Recently on April 23, an impressive achievement was reached by the Bitcoin network – it recorded the highest number of confirmed payments ever. Only three days into the new halving cycle, an astounding 1.6 million unique transactions took place between senders and receivers.
It’s fascinating to note the connection between statistics from Blockchain.com and Glassnode. The introduction of Bitcoin Runes – a captivating new alternative to Bitcoin Ordinals coupled with the BRC-20 protocol on the Bitcoin network – has led to a substantial increase in daily Bitcoin transactions.
On the 23rd of April, Runes astonishingly handled an impressive 81.3% of all Bitcoin transactions, according to Dune Analytics’ data. However, by the 29th of the same month, Bitcoin regained its dominance with a transaction share of 77.8%, while Runes accounted for only 18.8%. The remaining transactions consisted of ordinals (1.2%) and BRC-20 (2.3%).
As a crypto investor, I’ve noticed the surge in Bitcoin Rune transactions bringing significant advantages to the mining sector. Companies such as Stronghold Digital Mining and Marathon, based in the US, have confirmed these benefits not only financially but also functionally.
As a researcher studying Bitcoin transactions, I’ve discovered that Rune transactions have contributed approximately 1,200 Bitcoins in transaction fees to miners since the Bitcoin halving occurred.
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2024-04-30 14:12