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    Home ยป Bitcoin Network Experiences Surge in Transaction Activity Despite Significant FUD
    Bitcoin

    Bitcoin Network Experiences Surge in Transaction Activity Despite Significant FUD

    By adminJun. 21, 2024No Comments2 Mins Read
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    Bitcoin Network Experiences Surge in Transaction Activity Despite Significant FUD
    Bitcoin Network Experiences Surge in Transaction Activity Despite Significant FUD
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    Due to the adoption of new standards and an increase in trading volume, the throughput of the Bitcoin blockchain has surpassed 90% after the halving event.

    Data from Dune Analytics highlight a critical moment on June 20th, when Bitcoin transaction dominance reached 91.4%, compared to 6.8% for Runes, 1.6% for BRC-20, and 0.2% for Ordinals.

    Continuous improvements in Runes

    The increase in traffic following the halving is largely attributed to the adoption of new token standards such as Runes and BRC-20.

    Data from Dune Analytics revealed a significant increase in transactions involving these token standards, especially on April 23rd, when Runes transactions exceeded 750,000.

    Read more:

    Bitcoin Network Transaction Fees Plummet Over 60% – Here’s Why

    Analysts from Bitfinex commented:

    “The new token standards like BRC-20 and Ordinals have stimulated more developments in the Bitcoin blockchain, increasing its overall share in the space.”

    Runes were created to establish fungible tokens on the Bitcoin blockchain and have gained widespread adoption, leading to high transaction volumes.

    Impact of the halving

    The recent halving in April caused miners to prioritize transactions with higher fees to compensate for the reduction in rewards.

    Bitfinex analysts also remarked:

    “After the halving, increased activity on the chain is typically observed as traders and investors adjust their positions, resulting in an increase in the number of transactions.”

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